Sturm Active On Entrance Into Market

Both the first and second liens for the Sturm Foods dividend deal broke above par and were active in the secondary last week.

  • 02 Feb 2007
Email a colleague
Request a PDF

Both the first and second liens for the Sturm Foods dividend deal broke above par and were active in the secondary last week. The first lien broke around par 5/8 -101 1/8 and the second lien broke around 101 1/4-101 3/4. About $70 million traded, a dealer estimated.

Deutsche Bank brought the financing to market to back a dividend to sponsor HM Capital (CIN, 1/15). Due to oversubscription, pricing was reduced on the first lien to LIBOR plus 2 1/2% from LIBOR plus 2 3/4% and pricing on the second was cut from LIBOR plus 6 1/4% to 6% with 102, 101 call protection. The first lien was also increased by $40 million to $390 million and the second lien was decreased by $20 million to $150 million. The extra $20 million was added onto the dividend for an approximate $320 million pay out (1/26).

Based in Manawa, Wis., Sturm makes various products for the food industry, including hot cereals and sugar free drink mix sticks. Rob Rugger, cfo, did not return a call.

  • 02 Feb 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 20,542.69 67 10.85%
2 JPMorgan 18,820.53 50 9.94%
3 Bank of America Merrill Lynch 17,976.22 56 9.49%
4 Wells Fargo Securities 16,568.24 48 8.75%
5 Barclays 13,499.53 45 7.13%