Motor Coach Trades Up

Bank debt for the off-the-run Motor Coach Industries traded in the mid 80s last week.

  • 06 Feb 2004
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Bank debt for the off-the-run Motor Coach Industries traded in the mid 80s last week. The name has traded back up from the 70s since Moody's Investors Services downgraded the loan to Caa2 last fall. At that time, the company had been struggling to meet its covenants and a deterioration in operating results was expected (LMW, 9/29). It is unclear whether those issues have been resolved.

CIBC World Markets, GE Capital, and Scotia Capital hold roles on the company's credit. The company had $311.8 million outstanding on its bank debt, according to its last public 10-Q filed in May 2001. Joseph Littlejohn & Levy is the company's majority shareholder. An assistant to Allan Swanson, Motor Coach's cfo, said the company was "not interested" in commenting.

  • 06 Feb 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%