Commitments Flood In For Juno Lighting

Juno Lighting's $240 million credit facility was oversubscribed a week after Wachovia Securities launched syndication.

  • 23 Apr 2004
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Juno Lighting's $240 million credit facility was oversubscribed a week after Wachovia Securities launched syndication. The deal comprises a $30 million revolver, $150 million first-lien term loan and $60 million second-lien term loan. A week after the April 14 launch, the first-lien had about $350 million of orders and the second lien had close to $100 million, a buysider said.

The revolver and first-lien term loan are priced at LIBOR plus 3%, while the second-lien went out at LIBOR plus 53/4%. Proceeds from the facility will be used to refinance existing subordinated debt, senior debt and pay a special dividend to stockholders, according to George Bilek, Juno's executive v.p., cfo and treasurer. Fremont Partners owns about 75% of Juno's fully-diluted equity and the remainder is public. The dividend will be $50-60 million, Bilek noted.

Wachovia is replacing Bank of America as Juno's lead. Bilek said B of A proposed a new deal but, "Wachovia provided a better proposal at this point." It is unclear right now if B of A will participate in the new facility, he added. A B of A spokeswoman and Mark Williamson, a managing partner with Fremont, did not return calls.

 

  • 23 Apr 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 20,913.87 69 10.85%
2 JPMorgan 19,191.71 52 9.96%
3 Bank of America Merrill Lynch 18,245.19 58 9.47%
4 Wells Fargo Securities 16,837.21 50 8.74%
5 Barclays 13,965.64 46 7.25%