Fortune 500 Co. Eyes Fixed-To-Floating Swap Debut

  • 08 Jul 2002
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Science Applications International, a Fortune 500 research and engineering company with more than USD6 billion in revenue last year, is considering entering its first interest-rate swap on the back of a recent USD800 million bond issue. The company is reviewing swap transactions with potential counterparties, according to Ron Zollars, spokesman in San Diego.

"We are considering approaches [from investment banks] regarding how much and when to swap from fixed to floating-rate," Zollars said. He was unable to provide further information regarding its swap plans or the company's debt profile.

Last month the company came to market with a USD550 million 10-year note with a fixed coupon of 6.25% and a USD250 million 30-year bond with a fixed coupon of 7.125%. The deal was underwritten by JPMorgan. Zollar said the company is looking to enter a swap to convert some or all of those liabilities into floating-rate obligations.

Moody's Investors Service rates the company A3 and Standard & Poor's rates it A minus.

 

  • 08 Jul 2002

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1 Citi 24,891.71 88 7.80%
2 JPMorgan 23,552.91 80 7.38%
3 Barclays 22,049.34 45 6.91%
4 Goldman Sachs 17,809.03 44 5.58%
5 HSBC 17,636.79 61 5.53%

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Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 48,528.41 214 6.32%
2 Deutsche Bank 44,075.51 161 5.74%
3 BNP Paribas 41,452.79 240 5.40%
4 JPMorgan 37,278.65 134 4.85%
5 SG Corporate & Investment Banking 36,258.27 187 4.72%

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Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 1,607.28 5 23.24%
2 Credit Suisse 1,301.65 4 18.82%
3 UBS 970.80 3 14.04%
4 BNP Paribas 522.35 4 7.55%
5 SG Corporate & Investment Banking 444.17 3 6.42%