Tribune Accounts Receivable DIP Set To Wrap

The refinancing of the accounts receivable securitization debtor-in-possession loan for Tribune Co. was oversubscribed last week and is set to close on Friday.

  • 09 Apr 2009
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The refinancing of the accounts receivable securitization debtor-in-possession loan for Tribune Co. was oversubscribed last week and is set to close on Friday. The $225 million securitization facility, led by Barclays Capital, comprises a $75 million revolver and a $150 million term loan. Pricing is LIBOR plus 6% with a 3% LIBOR floor. The deal refinances a $300 million term loan that Barclays provided the company upon its abrupt bankruptcy filing in December (CIN, 2/14).

"We didn't sell the first loan because it was basically a bridge. It was downsized because the company didn't need as much as we put in place," said one banker. The new loan has a one-year maturity.

  • 09 Apr 2009

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.69
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 48,566.71 153 10.76%
2 JPMorgan 41,016.11 115 9.09%
3 Wells Fargo Securities 37,344.94 107 8.27%
4 Bank of America Merrill Lynch 33,736.81 108 7.47%
5 Credit Suisse 28,660.69 86 6.35%