Auto Co. Oversubscribes

Tower Automotive's first-lien was oversubscribed prior to its launch at a bank meeting last Thursday.

  • 07 May 2004
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Tower Automotive's first-lien was oversubscribed prior to its launch at a bank meeting last Thursday. The $565 million refinancing comprises a $50 million revolver; $375 million first-lien "B" loan; and $140 million second-lien, synthetic letter of credit facility. The revolver and "B" loan are being offered at LIBOR plus 4 1/4% while the second-lien went out at LIBOR plus 7 1/2%. Morgan Stanley and J.P. Morgan are leading the deal.

Proceeds from the new bank loan, along with an offering of $110 million of convertible senior debentures due 2024, will refinance the existing bank facility and be used to call $200 million of 5% convertible notes. Bank of America and J.P. Morgan lead the existing bank facility, which is priced at LIBOR plus 3 1/4%.

"The new facility provides Tower with incremental liquidity, pushes out maturities of their existing debt and provides operational flexibility," a market participant said. A Tower spokeswoman referred calls to a Morgan Stanley banker, who declined comment. A J.P. Morgan spokesman also declined comment.

  • 07 May 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

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1 Citi 94,444.52 266 11.16%
2 Bank of America Merrill Lynch 79,057.17 220 9.35%
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4 JPMorgan 69,110.65 196 8.17%
5 Credit Suisse 56,930.26 144 6.73%