Adelphia Dips After Subscriber Disclosure

  • 18 Aug 2002
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A small piece of Adelphia Communications' Century Cable term loan is believed to have traded in the 63 1/2 context last week, down from the 68 level where it had been quoted two weeks ago. In its 8-K filing last Monday, Adelphia disclosed that approximately 600,000 subscribers previously believed to be collateral for the company's Century Cable and Olympus credit facilities did not back those loans. According to an analyst that follows the company, the development would lower the recovery value expected on the Century Cable debt but not Olympus, which is considered over-collateralized.

In addition to the change in collateral, banks face a possible dispute with the company's unsecured lenders. According to reports, Adelphia's unsecured creditors were looking to block $300 million in interest payments that had been earmarked for the banks in conjunction with a $1.5 billion debtor-in-possession financing. Calls to the company were not returned by press time.

  • 18 Aug 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%