SLI Moves As Company Hits Waiver Deadline

  • 16 Jun 2002
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SLI, a lighting company dealing in lamps and fixtures, was bumping up against the end of waiver period and looking for a long-term amendment as LMW went to press Friday. The name has drawn attention in the secondary market over the past two weeks, with big pieces reported to have traded in the 40s. Last week a $15 million piece was believed to have traded out of a Japanese Bank in the 45-46 range. Traders said that a $20 million piece traded in the 46-47 range two weeks ago.

The company secured a waiver after it violated its maximum leverage ratio by exceeding 9.3 leverage. But the waiver was up last Friday, and at press time there was no word on whether the company was close to getting the amendment. Calls to Robert Mancini, cfo, and Stephen Cummings, executive v.p. finance, were not returned by press time. If the SLI does not reach an agreement it will be in default under its credit agreement. The company also suffered two non-payment defaults in April, according to its May 15 10-Q. Traders speculated that the name may not be trading on the waiver deadline, but rather has moved on its lower than expected quarterly results.

Chris Quilty, a Raymond James analyst who follows the company, said SLI is the classic story of a company that was overly aggressive in its acquisitions and ended up writing down its assets and saddled with the debt. It was also wounded from a general slowdown in the lighting business, he noted.


  • 16 Jun 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%