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 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 %
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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%