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 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,723.52 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.82%
5 Credit Suisse 69,442.99 183 6.57%