Mega-Vulture Seeks Extra Billions

  • 09 Feb 2003
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Amid its battle for control of WorldCom, MatlinPatterson Asset Management has begun raising capital for a new distressed debt fund--with a target north of $2 billion. The firm has retained the private equity capital-raising firmAtlantic Pacific Capital to raise more than $2.2 billion, said an industry official familiar with the situation. First closing is expected in June, he added.

FormerCredit Suisse First Boston distressed debt prosDavid Matlin andMark Patterson left CSFB last year with a $2.2 billion distressed debt fund, said an industry official. They are seeking to bring the new fund at least to that size. The fund will buy distressed debt with the aim of taking control of troubled companies, the industry official explained. It is not being created to assist in the firm's WorldCom effort, the official added. MatlinPatterson is raising the new money because a glut of bankruptcy deals has caused availability of debt in the market, he said. An Atlantic Pacific official declined to comment. Calls to Matlin and Patterson were not returned

  • 09 Feb 2003

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%