Second Lien Replaces BMCA Bond Deal After Investor Pushback

After investor pushback, on Thursday morning Deutsche Bank, Bear Stearns and JPMorgan pulled a $225 million second-lien notes offering for Building Materials Corporation of America and added a second-lien term loan.

  • 09 Mar 2007
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After investor pushback, on Thursday morning Deutsche Bank, Bear Stearns and JPMorgan pulled a $225 million second-lien notes offering for Building Materials Corporation of America and added a second-lien term loan. The $325 million second lien is priced at LIBOR plus 6% and is non call for the first year with 101 call protection for the second year. Pricing on the first lien had been talked at LIBOR plus 2 1/2% to LIBOR plus 2 3/4% but is now being talked at LIBOR plus 2 3/4%.

The deal launched Feb. 21 as a $600 million asset-based revolver and a $975 million institutional term loan (CIN, 2/26). BMCA is using the financing to acquire ElkCorp, a manufacturer of roofing and building products. A call to investor relations at BMCA was not returned.

  • 09 Mar 2007

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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%