Lehman, J.P. Morgan Launch GNC

Lehman Brothers and J.P. Morgan have launched syndication of the $360 million bank loan backing Apollo Management's $750 million buyout of nutritional supplement supplier General Nutrition from Royal Numico.

  • 16 Nov 2003
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Lehman Brothers and J.P. Morgan have launched syndication of the $360 million bank loan backing Apollo Management's $750 million buyout of nutritional supplement supplier General Nutrition from Royal Numico. There is also a $190 million bond offering. The bank debt is split into a six-year, $285 million "B" loan priced at LIBOR plus 31/4% and a five-year, $75 million revolver at a spread of LIBOR plus 3%. Total and senior leverage is at 3.5 times and 2.2 times. "It's a tough deal," said investors, with one noting that the lease-adjusted leverage is high. Bankers at Lehman and a J.P. Morgan spokesman did not return calls.

 

  • 16 Nov 2003

GlobalCapital European securitization league table

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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 9.54%
4 JPMorgan 52,367.24 169 6.88%
5 Credit Suisse 41,885.89 127 5.50%