CalPERS Joins Foamex

  • 20 Jul 2003
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The California Public Employees' Retirement System (CalPERS) has joined the $240 million asset-based deal for Foamex International, according to a banker familiar with the credit. Bank One and Congress Financial also joined at the agent level after GE Capital signed on as a co-lead with original lead Bank of America, the banker added.

CalPERS has joined several asset-based deals directly, the banker noted, citing the asset-based credits for Kmart and Unisource Worldwide as examples. Non ABL loan investment is done through external managers, the banker added. CalPERS' external fixed-income managers include Highland Capital Management, ING Ghent Asset Management, Nomura Corporate Research & Asset Management, PIMCO and Shenkman Capital Management. A CalPERS spokeswoman declined to comment.

The credit includes a $190 million revolver and a $50 million term loan priced at LIBOR plus 3% and LIBOR plus 31/4% respectively. Hedge fund Silver Point Capital also provided a separate second lien, $80 million term loan to further back the bed and auto cushioning company's debt refinancing plans (LMW, 7/7). A B of A official declined to comment and a Foamex spokeswoman declined comment.

  • 20 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

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1 Citi 98,544.62 277 13.26%
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3 Wells Fargo Securities 70,282.48 216 9.45%
4 JPMorgan 51,967.93 167 6.99%
5 Credit Suisse 41,545.25 126 5.59%