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

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Oct 2016
1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%