Airborne Terms Reworked

JPMorgan has reworked the credit for Airborne, cutting the overall deal by $50 million.

  • 15 Dec 2005
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JPMorgan has reworked the credit for Airborne, cutting the overall deal by $50 million. The $110 million term loan "B" has been reduced to $70 million and the $40 million second lien to $30 million. The dividend was also reduced by $50 million. Pricing was upped to LIBOR plus 3 3/4% on the revolver and "B" loan and to LIBOR plus 7 1/2% on the second lien. Call protection of 103, 102, 101 was also added to the second lien. An investor said the changes were due to buysiders' general malcontent with the deal. "People were gagging on it," he said. A JPMorgan official declined to comment.

The best-efforts deal launched in mid-November with a $30 million revolver, a $110 million term loan "B" and a $40 million second lien. Pricing was LIBOR plus 3% on the revolver and "B" loan and LIBOR plus 7% on the second lien (CIN, 11/18). There is a 50 basis points undrawn fee on the revolver.

Airborne was developed by school teacher Victoria Knight-McDowell and a team of health professionals. It combines seven herbs, puts them through a patented extraction process and then combines them with a formulation of amino acids, anti-oxidants and electrolytes. It can be found at CVS, Duane Reade and Pathmark, among other stores. An Airborne spokeswoman was traveling and could not be reached.

  • 15 Dec 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 94,444.52 266 11.16%
2 Bank of America Merrill Lynch 79,057.17 220 9.35%
3 Wells Fargo Securities 69,655.75 196 8.23%
4 JPMorgan 69,110.65 196 8.17%
5 Credit Suisse 56,930.26 144 6.73%