B of A, JPM Market Rainbow Media

Bank of America and J.P. Morgan are looking for commitments on a $950 million credit for Rainbow National Services, a subsidiary of Cablevision Systems Corp.

  • 06 Aug 2004
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Bank of America and J.P. Morgan are looking for commitments on a $950 million credit for Rainbow National Services, a subsidiary of Cablevision Systems Corp. The deal comprises a $350 million revolver priced at LIBOR plus 2 1/2% and $600 million term loan at LIBOR plus 2 3/4%, market participants said. Leverage is more than seven times.

Proceeds from the credit and $800 million of notes will be used to make a distribution to parent company Rainbow Media Enterprises. The parent company will channel about $725 million of proceeds to Rainbow Media Holdings to repay all borrowings under the company's existing $821 million credit facility. In December, B of A and Scotia Capital were in the market with a $625 million "C" loan and amendment to the $200 million revolver for Rainbow Media Holdings (LMW, 12/15).

The rest of the proceeds will be used to invest in subsidiaries, primarily start-up satellite service Rainbow DBS. Cablevision has announced a plan to spin off Rainbow Media Enterprises later this year. Rainbow National Services operates three networks: AMC (American Movie Classics), WE: Women's Entertainment and IFC (The Independent Film Channel). Spokespeople for Cablevision, J.P. Morgan, and B of A declined comment.

  • 06 Aug 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%