RBS Preps Dividend Deal For American Securities' Oreck Corp.

The Royal Bank of Scotland is launching a $210 million bank deal this Thursday in New York City for Oreck Corp. that will pay a $60 million dividend deal to equity sponsor American Securities Capital Partners (ASCP) and refinance bank debt at lower rates.

  • 10 Jan 2005
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The Royal Bank of Scotland is launching a $210 million bank deal this Thursday in New York City for Oreck Corp. that will pay a $60 million dividend deal to equity sponsor American Securities Capital Partners (ASCP) and refinance bank debt at lower rates.

The new structure will comprise a six-year, $20 million revolver and a seven-year, $190 million “B” loan. Pricing on the “B” loan will be ratings contingent but is expected to be in the LIBOR plus 3% range, said a banker. He added that leverage will be 3.5 times through the all-senior structure. RBS is sole lead on the deal but other banks may be brought in.

RBS led $140 million of senior debt backing ASCP’s leveraged buyout of Oreck in March 2003, but improved performance is enabling the vacuum-cleaner company to take out the dividend, the banker added. Oreck brings in over $300 million of sales and more than $50 million a year in EBITDA. At the time of the buyout, EBITDA was in the mid $40 million range, he said. The existing bank debt is priced at LIBOR plus 4 1/2%. David Horing, managing director of ASCP, did not return calls immediately.

  • 10 Jan 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) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%