Deutsche Bank, J.P. Morgan Prep Apollo Financing

  • 21 Oct 2001
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Apollo Management ventured in the market last week with the acquisition of IMC Global's salt business for $640 million withJ.P. Morgan and Deutsche Bank set to lead a bank loan for Apollo. Credit Suisse First Boston will be providing a bridge to a bond offering and is expected to be on the bank credit. An equity investment of up to $160 million is said to be part of the deal.

An investor following the company said, "the company has big working capital needs, and so will require a large revolver." A term loan "B" will form a portion of the financing and investors will expect a generous spread, she said. Steven Anreder, a spokesman for Apollo, commenting on whether or not Apollo will have to pay the price of financing in a hostile market through either an increased equity investment or a larger spread, said the private equity firm would not have done the transaction if returns were not right. He declined all further comment.

  • 21 Oct 2001

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,029 20 10.95
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.45
3 JP Morgan 4,776 10 7.44
4 Credit Suisse 4,718 9 7.35
5 Deutsche Bank 4,262 13 6.64

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3 JPMorgan 55,390.36 159 9.46%
4 Citi 55,051.46 160 9.40%
5 Credit Suisse 43,756.73 120 7.47%