Lehman, CIT Launch Primary Energy

Lehman Brothers and CIT Group have jointly underwritten a $165 million second-lien loan for Primary Energy Holdings that funds the acquisition of a combined 270 MW of gas-fired co-generation facilities from Reservoir Capital Group.

  • 24 Nov 2004
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Lehman Brothers and CIT Group have jointly underwritten a $165 million second-lien loan for Primary Energy Holdings that funds the acquisition of a combined 270 MW of gas-fired co-generation facilities from Reservoir Capital Group. The bank debt also recapitalizes six waste recovery projects at steel manufacturing facilities, said one official. A call to Mark Hall, senior v.p. at Primary Energy was not returned by press time.

The second-lien loan is priced at LIBOR plus 6%, said an official. The transaction is expected to close by year-end. A CIT banker declined to comment and calls to Lehman bankers were not returned. Earlier this year, Primary Energy pulled a planned $375 million "B" loan led by Credit Suisse First Boston that was intended to refinance cogeneration assets tied to steel mills in Northern Indiana. The seven-year loan was shelved after failing to land the pricing and structure the Oak Brook, Ill.-based developer wanted.

  • 24 Nov 2004

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 %
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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%