Waterworks Deal Floats To Less Than Buoyant Market

  • 27 Oct 2002
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J.P. Morgan,UBS Warburg and Goldman Sachs launched the bank deal for National Waterworks into a cautious market last Thursday. The $250 million "B" term loan reportedly is priced at LIBOR plus 33/ 4%, prompting one investor to demand more juice or a discount on the B1/BB- credit. "It's asset light, a split-rated credit and there is lots of leverage on the deal," he said, noting that total leverage is about 4.9 times. Bankers at the appropriate firms did not return calls.

J.P. Morgan Partners, Thomas H. Lee Partners and management are buying the waterworks distribution business of United States Filter for $620 million. In addition to the "B" piece, the financing includes a $75 million revolver and $200 million of senior subordinated notes. The sale of the waterworks distribution business is part of U.S. Filter's strategy to divest non-core assets and focus on its wastewater equipment and services business and its consumer and commercial businesses (LMW, 9/30).

  • 27 Oct 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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%