Lehman, Goldman Lead $900M Car Rental Deal

Lehman Brothers and Goldman Sachs are leading a $900 million facility for Vanguard Car Rental USA. Citigroup is a joint bookrunner.

  • 29 Jul 2005
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Lehman Brothers and Goldman Sachs are leading a $900 million facility for Vanguard Car Rental USA. Citigroup is a joint bookrunner. The credit consists of a five-year, $175 million revolver and a six-year, $725 million term loan "B." Pricing on the facility is expected to be in the LIBOR plus 4 1/2% area on both tranches. The facility refinances existing debt and pays a dividend to sponsor, Cerberus Capital Management.

Based in Tulsa, Okla., Vanguard operates National Car Rental and Alamo Rent A Car. Vanguard bought National Car Rental and Alamo from ANC Rental Corp. in October 2003.

A spokesman for Vanguard declined comment. A call to Cerberus was not returned.

  • 29 Jul 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.69
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 48,981.15 156 10.70%
2 JPMorgan 42,528.25 122 9.29%
3 Wells Fargo Securities 37,344.94 107 8.16%
4 Bank of America Merrill Lynch 34,673.03 110 7.57%
5 Credit Suisse 29,307.78 89 6.40%