New World Pasta Takes Hit

  • 24 Nov 2002
Email a colleague
Request a PDF

Bids for New World Pasta sunk into the 80s after the company announced that its financial statements, particularly its accounts receivable and inventory balances, were incorrect. "There's really just no market for it," said one trader. "No one is willing to bid for it because they don't know the size of the restatement." Prior to the news the market for the company's term loan "B" was in the 99s. Wayne Robison, New World Pasta cfo and treasurer, could not be reached by press time.

Due to the errors, New World Pasta will not be able to complete its third quarter statement and is therefore now in violation of the covenants contained in its credit agreement. The company is currently negotiating waivers, but as LMW went to press, it could not be determined whether the company would be able to obtain relief.

 

  • 24 Nov 2002

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

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,251.11 279 13.15%
2 Bank of America Merrill Lynch 90,895.27 265 12.04%
3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%