Photo Europe Develops Problems

Photo Europe's senior bank debt traded in the 50-55 range last week, down from the mid-to-high 60s as the photo developer struggles with digital competition.

  • 29 Apr 2005
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Photo Europe's senior bank debt traded in the 50-55 range last week, down from the mid-to-high 60s as the photo developer struggles with digital competition. "The business is not going to go away. The question is how much it is going to be impacted by digital photography," one buysider said. Instead, the company will have to adjust its earnings downwards in order to adapt to the new market trends, he said.

Photo Europe was acquired in 2001 by sponsor Cinven for ¤282 million. It was formerly a unit of GrandVision. According to Markit, Goldman Sachs leads the e130 million bank deal. The company also has ¤50 million of mezzanine debt and ¤80 million in PIK notes.

If a restructuring moves forward, the PIK notes will be written-off while the mezzanine debt is expected to be equitized, he noted. Levels have declined progressively since January. A Cinven spokesman did not return calls. The company will first aim for a pre-bankruptcy solution and is contemplating restructuring options with the various creditors, a European buysider noted.

  • 29 Apr 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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%