Hertz Pulls Into Mart

Deutsche Bank, Lehman Brothers and Merrill Lynch hit the market last week with the $3.85 billion financing backing the leveraged buyout of Hertz by The Carlyle Group, Clayton Dubilier & Rice and Merrill Lynch Global Private Equity.

  • 02 Dec 2005
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Deutsche Bank, Lehman Brothers and Merrill Lynch hit the market last week with the $3.85 billion financing backing the leveraged buyout of Hertz by The Carlyle Group, Clayton Dubilier & Rice and Merrill Lynch Global Private Equity. The deal consists of a $2 billion, seven-year term loan; a $1.6 billion, five-year asset-based revolver; and a $250 million synthetic letter of credit, according to a spokesman at Deutsche Bank.

Price talk on the revolver is LIBOR plus 2 1/4%, while the term loan is being talked at between 2 1/2- 3 /4%. The deal is expected to close sometime in late December, possibly around the third week of the month. Officials at Hertz could not be reached for comment. A call to Merrill Lynch was not returned. A spokesman at Lehman declined comment.

  • 02 Dec 2005

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%