Buyside Calls For More "B" On Berry

  • 07 Jul 2002
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Buysiders are looking for the $300 million "B" term loan for Berry Plastics to be upsized in the wake of a bond market that has been looking a great deal sketchier for single-B issuers over the last few weeks. One investor said Goldman Sachs and J.P. Morgan could look to downsize the planned $275 million bond offering and upsize the "B" loan, especially since syndication of the "B" was five times oversubscribed. The 10-year note offering, which is rated B3/B, has been announced, but the date for pricing could not be ascertained. Officials at Goldman could not be reached by press time on a holiday-shortened week.

Buysiders would be behind the plan so long as pricing is not flexed downward on the credit, the investor said. The "B" piece currently is priced at LIBOR plus 3%, but some investors are sure pricing will drop if the "B" stays at $300 million. James Kratochvil, cfo of Berry, did not return calls.

  • 07 Jul 2002

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

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1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%