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
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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 Citi 3,691 11 20.69
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 47,881.49 152 10.95%
2 JPMorgan 40,615.47 114 9.29%
3 Wells Fargo Securities 37,061.63 106 8.48%
4 Bank of America Merrill Lynch 32,097.67 104 7.34%
5 Credit Suisse 28,257.94 85 6.46%