CIBC Electric Deal Sparks Hot Reception

  • 16 Feb 2003
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International Transmission Co.'s $325 million credit was oversubscribed last week and pricing and tranche changes were not being ruled out by lead CIBC World Markets. A banker familiar with the deal would not divulge any planned changes to the deal, which backs Kohlberg Kravis Roberts & Co. and Trimaran Capital Partners' $610 million all cash buyout of International Transmission from parent DTE Energy. The fully underwritten credit includes a $185 million term loan and a $15 million revolver at the operating company level, with pricing in the LIBOR plus 21/ 2% range. There is also a $125 million loan at the holding company level priced between LIBOR plus 31/ 2-4%. A CIBC official and Trimaran spokeswoman declined to comment, while a KKR official could not be reached by press time.

International Transmission comprises a system of nearly 3,000 miles of high-voltage electric transmission lines and associated facilities and easements. DTE's Detroit Edison electric utility subsidiary was the former owner and operator of these assets (LMW 2/10).

  • 16 Feb 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) 6,665 23 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 99,250.27 279 13.13%
2 Bank of America Merrill Lynch 91,648.43 266 12.13%
3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%