Wachovia Launches Gray TV Deal

  • 08 Sep 2002
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Wachovia Securities is launching a $450 million bank deal backing Gray Television's $502.5 million acquisition of Stations Holding Company, which is comprised of 15 of Benedek Broadcasting's stations. The loan comprises a $75 million revolver priced at LIBOR plus 3% and a $375 million "B" term loan priced at LIBOR plus 31/ 4%. It is undecided whether the "B" tranche will be sold at par, one banker said. Calls to Jim Ryan, cfo of Gray, were not returned. A Wachovia banker declined to comment.

The bank deal, which is rated Ba3/B+, is being launched after the successful pricing of $100 million of 91/ 4% senior notes at par last week. Bank of America and Deutsche Bank were brought in on the bonds, the banker noted. High-yield bond funds have seen two straight weeks of inflows, but it is still uncertain how the loan market will respond, another banker commented.

In addition to financing the acquisition, the loan refinances an existing $250 million credit, comprised of a $200 million "B" loan and a $50 million revolver, a banker noted, adding that there has been reverse inquiry from existing accounts.

  • 08 Sep 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%