Silgan Appetite Tops $1 Bln

  • 05 May 2002
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Institutional players offered more than $1billion for Silgan Holdings' $300 million "B" loan before the bank meeting was even held April 25. Deutsche Bank, Bank of America, Morgan Stanley and Citibank all have roles on the $800 million bank deal, which also comprises a $400 million, six-year revolver and a $100 million "A" term loan, said a banker. Silgan is looking to refinance to take advantage of the current investor enthusiasm for the paper, said Harley Rankin Jr., executive v.p. and cfo of Silgan. The $300 million "B" is still being shopped and the LIBOR plus 21/ 2% pricing is unchanged, the banker noted. The pro rata is priced at LIBOR plus 2%.

Deutsche Bank is administration agent and B of A is the syndication agent. Morgan Stanley was lead manager on an accompanying $200 million bond issue, with the other three banks as bookrunners. The bonds yield 8.119%, 0.9% lower than the company's existing notes, said Rankin.

Silgan makes metal, plastic and paperboard containers. Moody's Investors Service assigned a Ba2 rating to the company, citing the solid financial condition as evidenced by the strength of its EBITDA margins.

  • 05 May 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) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,250.27 279 13.11%
2 Bank of America Merrill Lynch 92,153.61 267 12.17%
3 Wells Fargo Securities 72,661.39 222 9.59%
4 JPMorgan 52,367.24 169 6.91%
5 Credit Suisse 41,885.89 127 5.53%