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 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%