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 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

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1 Citi 104,581.71 299 10.92%
2 Bank of America Merrill Lynch 86,347.40 249 9.02%
3 JPMorgan 80,990.39 237 8.46%
4 Wells Fargo Securities 77,934.65 225 8.14%
5 Credit Suisse 63,570.21 165 6.64%