Dura Automotive Bonds Plunge

Dura Automotive Systems' subordinated 9% '09 bonds tumbled 19 points to 29 1/2 on worse-than-expected second quarter results.

  • 28 Jul 2006
Email a colleague
Request a PDF

Dura Automotive Systems' subordinated 9% '09 bonds tumbled 19 points to 29 1/2 on worse-than-expected second quarter results. Its senior 8 5/8% '12 bonds dropped three-and-a-quarter points to 80 1/4. Dura, an auto supplier based in Rochester Hills, Mich., posted a $131.3 million net loss for the quarter, compared to a net income of $3 million for the prior year's quarter. Adjusted EBITDA for the quarter was $21.4 million compared to $50.2 million in the same quarter a year ago.

The poor results were due to lower North American and European automotive production, a bad vehicle platform mix and the loss of a seat adjuster business, according to a company release. Net loss for the six months of 2006 was $138.3 million compared to a net loss of $1.9 million in the same period a year ago. A spokesman did not return a call seeking comment.

  • 28 Jul 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 2,384.00 8 11.97%
2 JPMorgan 1,441.26 6 7.24%
3 Bank of America Merrill Lynch 1,369.03 6 6.87%
4 Mizuho 1,358.38 4 6.82%
5 SG Corporate & Investment Banking 1,292.64 1 6.49%