Deutsche Bank Launches Roadway

Deutsche Bank last week launched the fully underwritten $675 million credit facility for Yellow Corp., backing the $1.1 billion acquisition of Roadway Corp.

  • 09 Nov 2003
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Deutsche Bank last week launched the fully underwritten $675 million credit facility for Yellow Corp., backing the $1.1 billion acquisition of Roadway Corp. The acquisition was announced in July, but the firm is targeting a mid-December closing date, said Stephen Bruffett, treasurer of Yellow, explaining the timing behind the syndication. Bruffett said one advantage to the timing is the strong debt capital markets. He said Deutsche Bank is leading the capital raising process, which includes the bank lines and also $150 million of unsecured notes that will be placed this month.

Bruffett said Bank One, SunTrust Bank, Fleet Bank and Wachovia Securities all have roles on the bank debt. The credit is split into a $250 million revolver, a $175 million institutional piece and a $250 million prefunded letter of credit facility. The pricing on the revolver is LIBOR plus 2% and on the other tranches it is LIBOR plus 21/4%. A Deutsche Bank spokesman declined comment. The combined company will be called Yellow-Roadway Corp.

  • 09 Nov 2003

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1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%