Reworked Ohmstede Deal Breaks

Ohmstede's restructured term loans broke in the secondary market last week.

  • 11 Aug 2006
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Ohmstede's restructured term loans broke in the secondary market last week. The first lien, which was increased by $15 million to $115 million, broke at 100 3/4, while the second lien, which was downsized by $15 million to $50 million, broke at 100 7/8. Pricing on the second lien was also flexed up 25 basis points to LIBOR plus 7% and 102, 101 call protection was added.

Morgan Stanley leads the credit facility, which backs the acquisition of the company from Tanglewood Investments (CIN, 7/6). Private equity firm First Reserve Corp. and Ohmstede's management are the buyers. Standard & Poor's assigned a B- to the first-lien loan and a CCC rating to the second lien. The ratings agency cited the company's small niche market position and aggressive financial leverage of six times debt to EBITDA as weaknesses in the credit. Douglas Harrington, cfo, did not return a call.

  • 11 Aug 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%