IP signs $470m refi deal

International Paper, the US company, has signed a $468m syndicated loan through its Luxembourg-based subsidiary. It used the facility and about $170m of its cash reserves to repay a Eu500m ($640m) term loan maturing in August.

  • 17 Mar 2009

BNP Paribas, Citi and UBS arranged the new deal which has a three year tenor and pays 450bp over Libor at IP’s current rating (Baa3/BBB). The pricing ranges between 250bp (A3/A- or higher) and 650bp (Ba1/BB+ or below).

The three bookrunners each committed $78m. The other lenders are Royal ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 1,505.59 4 13.16%
2 SG Corporate & Investment Banking 1,292.64 1 11.30%
2 Rabobank 1,292.64 1 11.30%
4 Wells Fargo Securities 942.61 3 8.24%
5 Mizuho 875.48 2 7.65%