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 BNP Paribas 13,823 26 18.14
2 Bank of America Merrill Lynch (BAML) 8,207 26 10.77
3 Lloyds Bank 7,202 22 9.45
4 Citi 6,256 16 8.21
5 JP Morgan 5,220 8 6.85

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 105,474.10 301 10.96%
2 Bank of America Merrill Lynch 86,762.28 250 9.02%
3 JPMorgan 81,465.60 238 8.47%
4 Wells Fargo Securities 77,934.65 225 8.10%
5 Credit Suisse 63,570.21 165 6.61%