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 Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,865 12 12.28
2 Citi 2,800 7 8.90
3 Goldman Sachs 2,615 4 8.31
4 Credit Agricole 2,254 6 7.16
5 Barclays 2,006 6 6.38

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Jun 2017
1 Citi 46,714.29 133 12.73%
2 Bank of America Merrill Lynch 43,017.27 121 11.73%
3 Wells Fargo Securities 36,865.83 105 10.05%
4 JPMorgan 25,897.27 79 7.06%
5 Credit Suisse 19,055.29 50 5.19%