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 BNP Paribas 10,542 20 18.00
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.42
3 Citi 5,130 13 8.76
4 JP Morgan 4,681 6 7.99
5 Lloyds Bank 3,389 13 5.79

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 71,838.88 206 11.37%
2 Bank of America Merrill Lynch 61,812.39 171 9.78%
3 Wells Fargo Securities 50,159.53 146 7.94%
4 JPMorgan 49,089.37 141 7.77%
5 Credit Suisse 39,020.67 99 6.18%