B of A Launches Natural Gas Deal

  • 30 Sep 2001
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Bank of America is in the market with a $130 million credit for Denver-based MarkWest Hydrocarbon. David Wright, director of investor relations, said the loan will finance the acquisition of Leland Energy Canada and Watford Energy, both based in Calgary, Canada. Initially, to finance the acquisitions, MarkWest considered using convertibles, but then B of A offered to do the whole thing, Wright said. "This is great, as a big part is revolver," he said. The debt carries a rate of just over 2% over LIBOR, which Wright explained is less costly than the rate on a convertible deal. The credit is split into three tranches, a $55 million 26-month revolver and a $35 million four-year revolver, priced at LIBOR plus 2 1/4 % and a $40 million term loan "A" that carries a spread of LIBOR plus 2 1/2 %.

Originally the bank meeting was set for Sept. 11, but was held later that week via a conference call, Wright noted. The loan is expected to close next week, he added, noting he believes that holding the meeting over the phone rather than face-to-face did not harm the prospects for the deal. MarkWest operates through two business segments, gathering and processing of natural gas, and exploration and production.

  • 30 Sep 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%