Bank Duo Structure PanAmSat Buyout Financing

The structure for the credit backing the acquisition of PanAmSat Corp. by a consortium of private equity firms led by Kohlberg Kravis Roberts & Co. has emerged.

  • 02 Jul 2004
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The structure for the credit backing the acquisition of PanAmSat Corp. by a consortium of private equity firms led by Kohlberg Kravis Roberts & Co. has emerged. The credit comprises a $250 million revolver, an $800 million "A" loan and a $1.86 billion "B" loan. The pro rata is priced at LIBOR plus 2 1/2%, while the institutional piece has a spread of LIBOR plus 2 3/4%. Credit Suisse First Boston and Citibank are the leads on the credit with Bear Stearns, Lehman Brothers and Bank of America serving as co-documentation agents.

Last week, it was reported that The Carlyle Group and Providence Equity Partners would each take a 27% stake in the company, but a banker said those firms had been involved in the deal for months and therefore the $2.9 billion financing was not affected by the addition of the two firms. "From the day they agreed to buy it, we were going to be a part of it," a Carlyle spokesman said. A KKR spokeswoman said the information became public with the filing last Tuesday that says the firms entered into the agreement on May 17. Both spokespeople declined to comment to on the financing. Providence Equity officials did not return calls. CSFB and Citi bankers either declined comment or did not return calls.

  • 02 Jul 2004

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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

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1 Citi 118,624.20 342 12.90%
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3 Wells Fargo Securities 87,449.35 261 9.51%
4 JPMorgan 67,955.87 206 7.39%
5 Credit Suisse 50,788.13 152 5.52%