Banks Commit $10 Bln Financing For Cox Buyout

Citigroup Global Markets and Lehman Brothers have committed $10 billion in unsecured credit facilities to back Cox Enterprises' $7.9 billion proposed acquisition of the 38% publicly-held portion of Cox Communications.

  • 06 Aug 2004
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Citigroup Global Markets and Lehman Brothers have committed $10 billion in unsecured credit facilities to back Cox Enterprises' $7.9 billion proposed acquisition of the 38% publicly-held portion of Cox Communications. Citi and Lehman officials and Richard Jacobson, v.p. and treasurer of Cox Enterprises, did not return calls.

Cox Enterprises currently has a 62% interest in Cox Communications. Citi and Lehman will each provide 50% of the financing and will be credited as the exclusive joint bookrunners, according to the commitment letter filed with the Securities and Exchange Commission. Latham & Watkins will be counsel for the banks.

The new facilities will also replace Cox Enterprise's existing $1.1 billion revolver and Cox Communications' $1.25 billion revolver. The $1.1 billion line is led by J.P. Morgan and Wachovia Securities with Citigroup, SunTrust Bank, The Royal Bank of Scotland and Banc of America Securities playing a role. The $1.25 billion revolver is led by Citigroup, SunTrust, B of A, Wachovia and J.P. Morgan.

Standard & Poor's has placed Cox Enterprises' BBB corporate credit rating on watch. If the transaction goes through as planned the senior unsecured debt would be downgraded to BBB- or BB+, the agency adds, with leverage increasing from three to five times.

  • 06 Aug 2004

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%