Power Co. Feeds Off Lender Appetite

WPS Resources has landed a $500 million revolver, combining two expiring 364-day facilities.

  • 17 Jun 2005
Email a colleague
Request a PDF

WPS Resources has landed a $500 million revolver, combining two expiring 364-day facilities. The Green Bay, Wis., holding company decided to take advantage of the borrower-friendly market by stretching out maturities and expanding its original $400 million line, said Joseph O'Leary, cfo. The new revolver backs commercial paper issuances and letters of credit.

The line is priced at 17.5 basis points over LIBOR plus a facility fee of 7.5 basis points--the thin pricing reflects WPS' senior credit rating, which stands at A from Standard & Poor's and A1 from Moody's Investors Service. The previous line comprised a $225 million revolver and a $175 million credit line. Both were set to mature Aug. 5 and had all-in pricing of LIBOR plus 32 basis points. JPMorgan was the lead arranger for the facility.

U.S. Bank and Citigroup Global Markets, which acted as co-lead arrangers for the new revolver, were chosen based on longstanding relationships with WPS, including involvement in prior credit agreements, O'Leary explained. U.S. Bank was the lead arranger for a $340 million credit facility that WPS obtained in 2003.

  • 17 Jun 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 %
  • Last updated
  • Today
1 Citi 120,126.76 346 12.85%
2 Bank of America Merrill Lynch 99,988.41 288 10.70%
3 Wells Fargo Securities 88,516.28 265 9.47%
4 JPMorgan 69,113.88 208 7.39%
5 Credit Suisse 51,313.00 155 5.49%