Richly Priced Wireless Deal Hits Mart

A richly priced deal for Microcell Telecommunications, a Canadian-wireless company, hit the market last week.

  • 30 Jan 2004
Email a colleague
Request a PDF

A richly priced deal for Microcell Telecommunications, a Canadian-wireless company, hit the market last week. J.P. Morgan and Credit Suisse First Boston launched syndication of a C$450 million deal comprising a six-year, C$50 million revolver; a six-year, C$150 million "A" loan; and a seven-year, second-priority C$250 million "B" loan. The revolver and "A" loan are priced at LIBOR plus 4%, while the "B" loan carries a spread of LIBOR plus 6%.

Proceeds will be used to repay existing bank debt and increase liquidity by about C$100 million. Microcell reorganized in April 2003 when it exchanged around C$2 billion of debt for C$635 million of debt and debt-like preferred shares as well as some equity. Microcell's "B" loan was trading in the 20s before popping to the 35-40 context in 2002 and was trading in the high 90s in December 2003 (LMW, 12/8). Thane Fotopoulos, director of investor relations, declined comment.

  • 30 Jan 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 104,581.71 299 10.92%
2 Bank of America Merrill Lynch 86,347.40 249 9.01%
3 JPMorgan 80,990.39 237 8.46%
4 Wells Fargo Securities 77,934.65 225 8.14%
5 Credit Suisse 63,570.21 165 6.64%