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 Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%