Johnson Wax Snares Commitments

  • 03 Mar 2002
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Goldman Sachs and Citibank's $1.2 billion credit for SC Johnson Wax has snared a handful of banks for the $550 million pro rata while the "B" is attracting strong buyside support. BANK ONE has signed on for 20% of the total credit, GE Capital, ABN AMRO, and Royal Bank of Scotland have signed on for $100 million pieces while Bank of Tokyo Mitsubishi has taken a $50 million bite. Launched last week in London and New York, the $650 million "B" tranche is also attracting solid support, said a banker following the deal.

Up-front fees for the "B" are 1/8% for U.S. institutions and 1/4% for the Europeans. The Euro tranche is $100-200 million depending on demand said a banker. The banks are trying to develop buyers in Europe, he said, which is one reason behind the fee differential. There are a number of large LBO deals in the pipeline that are expected to fuel the leveraged loan market in Europe (LMW, 2/25). Pricing on the pro rata, which comprises a $300 million revolver and $250 million term loan "A", is LIBOR plus 31/ 4% and on the $650 million term loan "B" is LIBOR plus 33/ 4%.

Since the beginning of the year, bankers have said buysiders would find the credit appealing. Initially, however, there were some reservations over the pro rata, which was originally $800 million (LMW, 1/21). The loan backs the acquisition of DiverseyLever, Unilever's industrial cleaning business. Officials at the banks and company declined all comment.

  • 03 Mar 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 %
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1 Citi 83,931.01 244 12.94%
2 Bank of America Merrill Lynch 71,587.85 220 11.03%
3 Wells Fargo Securities 64,351.96 203 9.92%
4 JPMorgan 46,391.25 147 7.15%
5 Credit Suisse 37,323.31 115 5.75%