Foster Wheeler, O&M To Allocate This Week

Commitments were due last Thursday on two BNP Paribas-led deals -- one well oversubscribed and another on its way, according to a banker.

  • 18 Aug 2006
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Commitments were due last Thursday on two BNP Paribas-led deals -- one well oversubscribed and another on its way, according to a banker. Both are expected to allocate this week. BNP was the sole lead for Foster Wheeler's oversubscribed five-year, $200 million revolver and five-year, $150 million multi-currency synthetic letter of credit. Both are priced at LIBOR plus 2%. Moody's Investors Service rated the loan Ba3 and gave the company a B1 corporate family rating. One investor said he liked the credit and that it seemed like a good company.

In 2004, Foster Wheeler investors reaped major gains when the company decided to do an out-of-court exchange offer, which reduced the company's $1 billion debt to $450 million through a debt-to-equity conversion (LMW, 10/22/2004). A Foster Wheeler spokesman could not be reached.

BNP teamed up with Lehman Brothers for O&M Star Generation's new eight-year, $259 million senior secured term loan and a $19 million funded letter of credit. The deal was expected to be fully subscribed as CIN went to press. Pricing launched at LIBOR plus 3%, but will not be set until the credit receives ratings, expected to be Ba3/BB-, according to a banker.

The company is owned by AIG Highstar Capital and the Ontario Teachers Pension Plan. Michael Walsh, managing director at AIG, and a spokeswoman for OTPP declined comment. A representative from O&M could not be reached.

  • 18 Aug 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 %
  • Last updated
  • Today
1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%