UTAC banks at logger heads as cov-lite loan is spurned

Asia’s first covenant-lite leveraged loan — the $1.1bn facility that supports the buy-out of Singapore’s United Test & Assembly Center — is struggling in syndication, and the bookrunners cannot so far agree on whether to discount it further.

  • 15 Nov 2007

ABN Amro, JP Morgan and Merrill Lynch have arranged and funded the debt to finance the Singaporean semiconductor testing and assembly company’s buy-out by Affinity Equity Partners and Texas Pacific Group.

Last week, the banks began offering the loan at 95.00 to 96.00, a substantial discount to par, in ...

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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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4 Bank of America Merrill Lynch 27,917.30 88 7.74%
5 Credit Suisse 22,890.32 71 6.35%