Reynolds Deal Launches

The financing backing the $2.8 billion acquisition of Universal Computer Systems by Reynolds and Reynolds hit the market last Wednesday at a bank meeting led by Deutsche Bank and Credit Suisse.

  • 29 Sep 2006
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The financing backing the $2.8 billion acquisition of Universal Computer Systems by Reynolds and Reynolds hit the market last Wednesday at a bank meeting led by Deutsche Bank and Credit Suisse.

The facility was split into a $75 million revolver, a $1.485 billion first-lien term loan, a $520 million second lien and a $405 million third lien, according to a banker. Pricing is LIBOR plus 2 3/4% on the first lien, LIBOR plus 5 1/2% on the second lien and talked at LIBOR plus 7% on the third.

Standard & Poor's downgraded the company's corporate credit rating four notches from BBB to B+, but removed it from CreditWatch with negative implications, where it was placed Aug. 9. The ratings agency assigned a BB- with a recovery rating of 1 to the first lien, a B with a recovery rating of 3 to the second lien, and a B- with a 5 recovery rating to the third lien.

UCS is a provider of comprehensive solutions for computing and business needs of automobile dealerships. Reynolds and Reynolds is a provider of dealership management solutions, e-learning and consulting services (CIN, 9/25). Calls to a UCS representative were not returned. A Reynolds and Reynolds spokesman referred calls to the company's 8-K filings with the Securities and Exchange Commission and declined further comment.

  • 29 Sep 2006

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%