Baldor Taps BNP For $1.2 Bln

BNP Paribas is set to launch syndication of a $1.2 billion credit facility for Baldor Electric Co. this Wednesday at a bank meeting at the Parker Meridian in New York.

  • 05 Jan 2007
Email a colleague
Request a PDF

BNP Paribas is set to launch syndication of a $1.2 billion credit facility for Baldor Electric Co. this Wednesday at a bank meeting at the Parker Meridian in New York. The deal comprises a five-year, $200 million revolver and a seven-year, $1 billion "B" term loan and will back its acquisition of Reliance Electric from Rockwell Automation, according to a banker. Pricing depends on credit ratings, but will probably fall in the range of LIBOR plus 2 1/4-2 1/2%.

SunTrust has a small position on the bank debt and Lehman Brothers has a small position on the $550 million bond deal. Baldor announced it was acquiring the Reliance Electric Co. and the Power Systems business from Milwaukee-based Rockwell in early November for $1.8 billion through a combination of about $1.75 billion in cash and about $50 million in Baldor stock. Along with the debt financing, Baldor plans to commit about $350 million in equity or equity-linked securities.

Fort Smith, Ark.-based Baldor markets, designs and manufactures industrial electrical motors, drives and generators. The Power Systems business markets products under the Reliance Electric and Dodge brand names. Calls to Ronald Tucker, Baldor cfo, were not returned.

  • 05 Jan 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 90,620.08 256 11.30%
2 Bank of America Merrill Lynch 77,027.41 213 9.60%
3 JPMorgan 67,464.46 192 8.41%
4 Wells Fargo Securities 67,146.17 186 8.37%
5 Credit Suisse 52,389.21 132 6.53%