Power Co. Feeds Off Lender Appetite

WPS Resources has landed a $500 million revolver, combining two expiring 364-day facilities.

  • 17 Jun 2005
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WPS Resources has landed a $500 million revolver, combining two expiring 364-day facilities. The Green Bay, Wis., holding company decided to take advantage of the borrower-friendly market by stretching out maturities and expanding its original $400 million line, said Joseph O'Leary, cfo. The new revolver backs commercial paper issuances and letters of credit.

The line is priced at 17.5 basis points over LIBOR plus a facility fee of 7.5 basis points--the thin pricing reflects WPS' senior credit rating, which stands at A from Standard & Poor's and A1 from Moody's Investors Service. The previous line comprised a $225 million revolver and a $175 million credit line. Both were set to mature Aug. 5 and had all-in pricing of LIBOR plus 32 basis points. JPMorgan was the lead arranger for the facility.

U.S. Bank and Citigroup Global Markets, which acted as co-lead arrangers for the new revolver, were chosen based on longstanding relationships with WPS, including involvement in prior credit agreements, O'Leary explained. U.S. Bank was the lead arranger for a $340 million credit facility that WPS obtained in 2003.

  • 17 Jun 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,628 18 11.81
2 Citi 4,288 14 10.95
3 Rabobank 2,633 4 6.72
4 Goldman Sachs 2,615 4 6.67
5 Barclays 2,603 8 6.64

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%