Exide Drops 20 Points On Covenant, Sector Trouble

  • 04 Nov 2001
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The bank debt of Exide Technologies has dropped 20 points over the last two weeks on news of the need for covenant relief. In a series of small trades, the credit has dropped from the low 80s in mid-October to the low-60s as of late last week. Dealers estimate the trades were made in $5 million chunks and totaled between $10-20 million, but buyers and sellers could not be determined.

The maker of car batteries announced on Oct. 25 that it was pursuing a covenant waiver, but officials would not specify what type of relief the company was looking for. Exide plans to issue an earnings report later this week. Lisa Donahue was named cfo and chief restructuring officer in late October following the departure of Kevin Morano. Calls to finance officials and to Tom Smith, head of investor relations, were not returned.

Adding to the sting for the company Standard & Poor's downgraded the company's credit to CCC from B- last Tuesday. "There's just a lot of bad news out on them," a dealer said. The fact that the company's main business is automobile batteries isn't helping. "Everything related to automotive is trading down," a dealer noted.

  • 04 Nov 2001

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%