Winstar Trades Into Single Digits On Telecom Problems

  • 30 Sep 2001
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Winstar Communications' bank debt hit the single digits last week in a $5 million trade, notching down from the mid-teens a week before. The debt settled in at six, a level so rare that even distressed players were marveling. Dealers fault problems with the debt's structure and say the company needs money to carry out operations. This is a sharp drop from levels last spring when Winstar was trading in the 32 range on news it would default on its bank covenants (LMW, 4/22). Winstar is a competitive local exchange carrier based in New York City. Calls to Richard Uhl, cfo, were referred to spokeswoman Laura Kline, who did not return them by press time.

The credit was once a par name but began to collapse under the weight of an oversaturated telecom industry. Winstar has a $1.5 billion deal that breaks down into three tranches. Bank of New York, CIBC World Markets, Citibank andCredit Suisse First Boston are the lead arrangers.

  • 30 Sep 2001

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,029 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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 Wells Fargo Securities 67,591.81 167 11.54%
2 Bank of America Merrill Lynch 57,568.62 162 9.83%
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%