Reliant Sparked By Asset Sale

Reliant Resources' bank debt has been inching higher and was quoted in the 98-981/2 context up from the 971/2-98 range as reports emerged indicating that the company would sell a pair of New York City power plants.

  • 05 Mar 2004
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Reliant Resources' bank debt has been inching higher and was quoted in the 98-981/2 context up from the 971/2-98 range as reports emerged indicating that the company would sell a pair of New York City power plants. The company has said it would entertain fair-value assets sales as a part of a plan to reduce its adjusted net debt-to-adjusted EBITDA multiple to three times or less by the end of 2006, explained Dennis Barber, Reliant's director of investor relations. But he added the company has not disclosed the details of any asset sales and declined to comment on the reports.

The other prongs of Reliant's three-part plan to reduce leverage include enhancing profitability by controlling costs and improving EBITDA and to potentially--toward the end of the process--issue equity, Barber explained. The company would also like to continue to reduce exposure to the bank debt with the ultimate goal to refinance the corporate debt in an unsecured fashion and to rely simply on a revolver and fixed income debt, he added.

  • 05 Mar 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 4,486 16 13.62
2 Citi 4,347 16 13.20
3 Lloyds Bank 3,158 6 9.59
4 Morgan Stanley 3,066 8 9.31
5 Bank of America Merrill Lynch (BAML) 2,771 10 8.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 58,985.44 193 10.63%
2 JPMorgan 51,597.56 153 9.29%
3 Wells Fargo Securities 41,996.86 122 7.56%
4 Bank of America Merrill Lynch 41,491.72 136 7.47%
5 Credit Suisse 38,293.55 120 6.90%