Kmart Jumps on Debt Restructuring

  • 13 Jan 2002
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Kmart's bank debt was bid up last week on anticipation of a debt restructuring. Levels hit the 95 range early in the week, up from the 90-91 range. By Friday, the Street market was 95-97. Dealers heard mixed reports of actual trading, but were skeptical since there were so few sellers. "There hasn't been a lot of volume--maybe a couple trades. There's been a lot of bidders but not as many sellers," a dealer said. Holders are expected to be in a better position with the restructuring. The retail chain is based in Troy, Mich. Calls to John T. McDonald, cfo, were referred to spokeswoman Jack Ferry, who did not return them by press time.

The company is refinancing its $1.5 billion credit facility (see related story, page 1). A dealer explained that if the company refinances, banks will get security from Kmart. "If you look at the inventory, there's roughly $7 billion. Even if it gets liquidated at 20 cents on the dollar, that's about $1.4 billion, and the company's bank debt is $1.5 billion. So this is worth par. The banks are good to go."

  • 13 Jan 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%