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 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%