Hayes Lemmerz Rolls Downhill

  • 21 Oct 2001
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Hayes Lemmerz' bank debt traded down to the 75 range, a six-point drop in a week, following a conference call by the company. According to sources, on Oct. 9 the paper was bid at 81. Then last Wednesday a class action lawsuit was filed against the company on charges that it made a series of misrepresentations to the market concerning its financial results for fiscal 2000 and the first quarter of fiscal 2001. The allegations center around charges that a reported net loss of $41.8 million for fiscal 2000 was understated by at least 31% and was actually $56.4 million for that fiscal period. Hayes Lemmerz, based in Northville, Mich., is a worldwide manufacturer of steel and aluminum products. Calls to William Shovers, cfo, were not returned.

Still, a dealer noted some optimism for the credit, saying that Hayes Lemmerz could benefit from car manufacturers offering interest-free financing on new car purchases. The company is a supplier to the manufacturers. The company has a $1.1 billion credit facility that breaks down into two tranches. It matures in four years and is priced at 2% over LIBOR. CIBC World Markets, Dresdner Bank, Credit Suisse First Boston, and Merrill Lynch are the mandated arrangers, according to Capital DATA Loanware.

  • 21 Oct 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Citi 10.72
2 Bank of America Merrill Lynch (BAML) 10.66
3 Credit Suisse 6.45
4 Lloyds Bank 6.42
5 JP Morgan 6.35

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%