CSFB, Wells Fargo Snag URS Debt Deal

  • 21 Jul 2002
Email a colleague
Request a PDF

Credit Suisse First Boston and Wells Fargo Bank have landed the lead roles on a $900 million debt financing package backing URS Corp.'s acquisition of EG&G Technical Services from The Carlyle Group. The debt package will consist of $650 million in senior secured bank debt and $250 million via a senior subordinated note offering. David Nelson, treasurer of URS, did not return calls. A spokesman for Wells Fargo confirmed that the bank is co-leading the deal, adding that it has been a relationship lender to URS for several of its more recent transactions. Officials at CSFB declined to comment.

The bank debt will be divided among a six-year, $350 million "B" term loan, a five-year, $100 million "A" loan and a five-year, $200 million revolver that probably will be unfunded at close, according to bankers. The spread on the revolver and "A" loan is LIBOR plus 3%, while the "B" piece will have a spread of LIBOR plus 31/ 2%. The bank meeting is set for this Wednesday.

San Francisco-based URS is paying $500 million for EG&G, a Gaithersburg, Md., provider of outsourced engineering, technology and operations management services to the U.S. government. URS will pay $165 million in cash and issue $130 million in stock to EG&G shareholders. URS also will retire $165 million in EG&G debt and refinance $354 million of its own debt. In addition to the debt package, the company is planning a $170-175 million equity offering to help finance the acquisition. EBITDA for the combined company is $250 million.

 

  • 21 Jul 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%