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) 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
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%