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 15,256 32 16.83
2 Bank of America Merrill Lynch (BAML) 10,179 30 11.23
3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 RBC Capital Markets 801.51 2 13.30%
2 Citi 783.55 4 13.01%
3 Wells Fargo Securities 606.78 3 10.07%
4 Credit Suisse 534.82 2 8.88%
5 SG Corporate & Investment Banking 497.64 2 8.26%