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Picard repricing going strong in Europe while US stumbles

Signs of nervousness in the North American leveraged loan market, where several re-pricings have been pulled in the wake of the natural disaster in Japan, are not likely to affect the fate of a similar Eu675m deal for Picard Surgelés, bankers said this week.

  • 18 Mar 2011

Good feedback from funds had given the transaction good momentum, said bankers working on the deal.

The loans, which were signed in September to back Lion Capital’s buy-out of the French frozen food company, were heavily oversubscribed in the original syndication.

Margins on Picard’s six-year Eu225m term loan ‘A’ and ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 Citi 3,691 11 20.70
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 8.78

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1 Citi 40,734.72 129 10.87%
2 JPMorgan 33,785.84 96 9.02%
3 Wells Fargo Securities 31,464.27 90 8.40%
4 Bank of America Merrill Lynch 29,270.38 93 7.81%
5 Credit Suisse 23,189.41 72 6.19%