Scotia, CIBC Shop Convenience Store Price Cut

Scotia Capital and CIBC World Markets are going out to existing lenders on Alimentation Couche-Tard's "B" loan to cut the spread by 50 basis points to LIBOR plus 1 3/4%.

  • 06 Aug 2004
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Scotia Capital and CIBC World Markets are going out to existing lenders on Alimentation Couche-Tard's "B" loan to cut the spread by 50 basis points to LIBOR plus 1 3/4%. The repricing launched last Monday. Richard Fortin, executive v.p. and cfo of the convenience store operator, did not return calls. Bankers from Scotia and CIBC either did not return calls or declined comment.

The banks came to market last fall with the bank debt to fund the acquisition of The Circle K Corp. (LMW, 12/1). At that time the credit comprised a C$365 million "A" loan and $280 million "B" loan. The company did a sale leaseback and prepayed some debt with the excess cash flow which resulted in the "B" loan being reduced to slightly less than $150 million, a banker noted.

Lenders on the original credit include Caisse de Depot, Bank of Tokyo-Mitsubishi, Caisse Centrale Desjardins, Bank of Montreal, BNP Paribas, The Toronto-Dominion Bank, Royal Bank of Canada, National City Bank, Rabobank, Bank of America, Bank One, Congress Financial, United Overseas Bank, Alberta Treasury Branches, Canadian Western Bank, Laurentian Bank of Canada, Sumitomo Mitsui Banking Corp. and Wachovia Securities. National Bank of Canada served as collateral agent and National Bank Financial as arranger.

  • 06 Aug 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,296 9 13.13
2 BNP Paribas 3,026 10 9.25
3 Bank of America Merrill Lynch (BAML) 2,411 8 7.37
4 Lloyds Bank 2,213 9 6.76
5 Credit Agricole 2,025 6 6.19

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 38,675.33 107 12.09%
2 Bank of America Merrill Lynch 30,932.47 87 9.67%
3 Wells Fargo Securities 27,152.48 75 8.49%
4 JPMorgan 24,058.25 71 7.52%
5 Credit Suisse 20,203.15 48 6.31%