Washington Group Softens On Market Downturn

  • 14 Oct 2001
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Washington Group's term loan traded at 63-64 last week while the revolver hit 73-75. Levels on the revolver were 82-83 last summer (LMW, 8/12). An estimated $10 million changed hands. At the time dealers noted increasing comfort with the credit in light of a stronger construction industry. But a softer market overall may be hitting Washington Group again. The Boise, Idaho-based company is one of the country's largest construction firms.

The credit nose-dived to 55 last March after the company announced legal action against the construction and engineering arm of Raytheon, which it had acquired. Washington Group has a $1 billion credit facility that breaks down into two tranches. It is priced at LIBOR plus 2%. Bank of Montreal, Bank of America, and Credit Suisse First Boston are the lead arrangers, according to Capital DATA Loanware.

  • 14 Oct 2001

GlobalCapital European securitization league table

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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

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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%