Duo Works On Apollo's Crop Biz

UBS and GE Capital are said to be working on the financing backing Apollo Management's $600 million acquisition of United Agri Products (UAP) from ConAgraFoods.

  • 09 Nov 2003
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UBS and GE Capital are said to be working on the financing backing Apollo Management's $600 million acquisition of United Agri Products (UAP) from ConAgraFoods. Apollo is paying $540 million in cash and the remainder in preferred securities. A banker said a $500 million asset-based revolver is the likeliest form of financing on the bank debt side. "This is a high working-capital business," he noted. There is also likely to be some high-yield financing with a bond deal of around $200 million, he added. Exact funding details are still to be decided, he said, but Apollo will contribute approximately $120 million in equity.

UAP, headquartered in Greeley, Colorado, had annual sales of approximately $2.5 billion, primarily from the distribution of crop protection chemicals, fertilizer, seed and other non-crop products throughout the North American agricultural market. "It's a distributor business to the agricultural business," stated an Apollo spokesman, who could not confirm the financing details. The transaction is expected to close before the end of the year.

  • 09 Nov 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%