Waste Services Seeks Waiver

Waste Services is in talks with its banks to obtain a waiver after violating covenants. The waiver will enable it to access funds from its revolver, which it cannot draw at the moment.

  • 20 Aug 2004
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Waste Services is in talks with its banks to obtain a waiver after violating covenants. The waiver will enable it to access funds from its revolver, which it cannot draw at the moment. Lehman Brothers, CIBC World Markets and Bank of America lead the bank debt, consisting of a five-year $60 million revolver and seven-year, $100 million term loan facility. Mark Pytosh, executive v.p. of Waste Services, did not return calls.

The bank debt has been downgraded by Moody's Investors Service to Caa1 from B1. The downgrade was prompted by the rapid decline over the last quarter in expected operating performance and cash generation; the company's impaired liquidity as evidenced by its technical default under its bank agreement; and doubts about the company's ability to support its high debt level given its negative free cash flow.

  • 20 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%