Investors Eager For Slice Of Jean Coutu

The Jean Coutu Group’s $1.1 billion “B” loan has traded actively in the 101 1/4 -101 1/2 context after allocating this week. Deutsche Bank, Merrill Lynch and National Bank of Canada lead the bank debt.

  • 28 Jul 2004
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The Jean Coutu Group’s $1.1 billion “B” loan has traded actively in the 101 1/4 -101 1/2 context after allocating this week. Deutsche Bank, Merrill Lynch and National Bank of Canada lead the bank debt. The term loan is priced at LIBOR plus 2 1/4%. Investors flocked to the credit during syndication, causing pricing to be flexed downward 50 basis points. “Pretty much everybody is involved. It’s a big flow name,” one banker said.
 
The term loan backed The Jean Coutu Group's acquisition of the Northeast and mid-Atlantic Eckerd Corp. stores (LMW,6/11). Jean Coutu has acquired the asset at an attractive price, and the company sees significant potential to improve Eckerd’s cash flow, the banker said.
 
The financing also includes a $350 million revolver and $250 million “A” loan. Six managing agents signed onto the pro rata with $70 million tickets. The agent banks are Bank of Montreal, Bank of Nova Scotia, BNP Paribas, Royal Bank of Canada, Toronto Dominion Bank and Caisse de Depot. Jean Coutu officials declined comment.
 
  • 28 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) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

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3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%