B of A Lands Michael Foods Financing

Bank of America has landed the lead role to provide financing to Thomas H. Lee Partners to back the acquisition of Michael Foods for $1.05 billion.

  • 19 Oct 2003
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Bank of America has landed the lead role to provide financing to Thomas H. Lee Partners to back the acquisition of Michael Foods for $1.05 billion. Bankers said it will now become a "dog and pony show" for who is going to partner up with B of A on the deal. "If I'm B of A then I don't want to partner with anyone, but its Tommy Lee's deal," said a banker, who noted the private equity firm will spread the roles to reward banks that bring the firm acquisition ideas. Officials at B of A declined comment and a spokeswoman for Thomas Lee would only confirm B of A is leading the debt after providing staple-on financing. The private-equity firm is buying Michael Foods from Vestar Capital Partners and Goldner Hawn Johnson and Morrison. A banker described the company as a pretty seasoned issuer. "It's a Vestar portfolio name and they have taken up leverage before," he said.

  • 19 Oct 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 120,318.45 348 12.72%
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3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%