Auto Co. Oversubscribes

Tower Automotive's first-lien was oversubscribed prior to its launch at a bank meeting last Thursday.

  • 07 May 2004
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Tower Automotive's first-lien was oversubscribed prior to its launch at a bank meeting last Thursday. The $565 million refinancing comprises a $50 million revolver; $375 million first-lien "B" loan; and $140 million second-lien, synthetic letter of credit facility. The revolver and "B" loan are being offered at LIBOR plus 4 1/4% while the second-lien went out at LIBOR plus 7 1/2%. Morgan Stanley and J.P. Morgan are leading the deal.

Proceeds from the new bank loan, along with an offering of $110 million of convertible senior debentures due 2024, will refinance the existing bank facility and be used to call $200 million of 5% convertible notes. Bank of America and J.P. Morgan lead the existing bank facility, which is priced at LIBOR plus 3 1/4%.

"The new facility provides Tower with incremental liquidity, pushes out maturities of their existing debt and provides operational flexibility," a market participant said. A Tower spokeswoman referred calls to a Morgan Stanley banker, who declined comment. A J.P. Morgan spokesman also declined comment.

  • 07 May 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%