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 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 70,341.11 234 10.46%
2 JPMorgan 64,579.62 197 9.60%
3 Bank of America Merrill Lynch 51,474.08 169 7.65%
4 Wells Fargo Securities 51,322.59 157 7.63%
5 Credit Suisse 47,533.25 150 7.07%