LaSalle Brings Cheaper Deal To Recycling Co.

Scrap metal recycler Metal Management put a new credit facility in place after LaSalle Bank approached the company with an offer it could not refuse

  • 09 Jul 2004
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Scrap metal recycler Metal Management put a new credit facility in place after LaSalle Bank approached the company with an offer it could not refuse. The new four-year, $200 million revolver is priced at LIBOR plus 1 1/4%, while the prior credit carried a spread of LIBOR plus 2 1/2%. "We found the terms to be significantly more attractive than the deal we had previously," noted Robert Larry, Metal Management's cfo. "We decided to do this because our business has expanded and our business supports additional borrowing capacity." Proceeds will be used for working capital and to pay down Metal Management's previous $110 million revolver and $18 million term loan.

Deutsche Bank led the previous facility and did not participate this time around. "The group that we were financed by at Deutsche Bank was part of asset-based financing, generally seeking higher risk and higher rewards," Larry said. "Our company is lower risk and the LaSalle deal involved 100-125 basis points of lower borrowing costs." The new spread is tied to a grid based on leverage. LaSalle was a syndicate member on the old credit. "We've had operating cash management services with LaSalle since 1997," Larry added.

  • 09 Jul 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%