Western Wireless Jumps On Bond Rumors

  • 06 Jul 2003
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The bank debt for Western Wireless Corp. rose about four points following a lender call last Monday, market players said. The "B" loan rose into the 971/2 to 981/2 context, where trades were said to be completed. The company is rumored to be pursuing a bond deal with a significant amount of the proceeds slated to pay down bank debt. One market player suggested that Western Wireless may also look to refinance its existing credit into a smaller deal. The company currently has a $2.1 billion credit with TD Securities as administrative agent.

Market players have been speculating that other wireless names will follow in the footsteps of Centennial Communications Corp., which was able to increase a bond offering last month (LMW, 6/23). The market for Western Wireless bank debt has recovered significantly since hitting a low around the 55-60 range late last fall, according to LoanX. Calls to Wayne Wisehart, executive v.p. and cfo, were referred to Steve Winslow, an investor relations spokesperson, who did not return calls.

 

  • 06 Jul 2003

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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

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1 Citi 98,446.48 276 13.35%
2 Bank of America Merrill Lynch 90,174.33 262 12.23%
3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%