LightPoint Prices Debut Deal

LightPoint Capital Management, the loan asset management firm set up through the spin-off of the senior members of ABN AMRO's leveraged finance business, has finally priced the notes on its debut CLO.

  • 30 Jan 2004
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LightPoint Capital Management, the loan asset management firm set up through the spin-off of the senior members of ABN AMRO's leveraged finance business, has finally priced the notes on its debut CLO. ABN Amro and LINKS Securities acted as the structurers and placement agents on the $306 million deal.

Thomas Kramer, senior managing director and ceo of LightPoint, told LMW in July 2002 that the Chicago-based shop was looking for equity for a $400 million vehicle (LMW, 7/02). He declined comment on any issues relating to LightPoint and the length of time it took to bring the deal to market. Officials at Links did not return calls. An ABN spokesman declined comment.

ABN intended to be the major equity anchor in LightPoint, but according to a source, a number of factors, including the uncertainty of FIN 46, put stop to this. The deal was pulled in the fall of 2002 as "FIN 46 impacted the banks investment options with regards to LightPoint," the source added. A buyer of CLOs for use within structured vehicles also noted that he has seen very few new CLO managers successfully raise deals. Other members of LightPoint include Guia Trutter a managing director and head of trading, and Joseph Lynch, director and portfolio manager.

  • 30 Jan 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 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

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3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%