... Launches Dresser Refi

CSFB and Morgan Stanley launched syndication last week of a $100 million senior unsecured term loan and $260 million "C" loan for Dresser, refinancing the company's $382 million "B" loan.

  • 20 Feb 2004
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CSFB and Morgan Stanley launched syndication last week of a $100 million senior unsecured term loan and $260 million "C" loan for Dresser, refinancing the company's $382 million "B" loan. Price talk is LIBOR plus 31/2% on the unsecured term loan and LIBOR plus 21/2% on the "C" loan, a company spokesman said. The "B" loan was priced at LIBOR plus 33/4%, he added. Dresser's $100 million revolver will remain in place.

The spokesman said the refinancing is being pursued to increase financial flexibility. At the end of 2003, the company's total debt was about $947 million, including senior debt of around $382 million. CSFB and Morgan were the lead on the previous facility as well. Dallas-based Dresser manufactures and markets engineering equipment.

  • 20 Feb 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%