Intelsat Deal To Emerge

  • 20 Jul 2003
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BNP Paribas and Citigroup are slated to lead a $2.2 billion financing package for Intelsat in conjunction with the satellite system operator's purchase of six satellites from now bankrupt Loral Space & Communications for up to $1.1 billion (see story, page 1).

A banker said the credit will most likely include a hefty term loan amounting to about $1 billion. The credit will also go toward refinancing Intelsat's existing debt, the banker said, explaining that about $1 billion of the deal would not be new money. Citi is Intelsat's existing lead bank, while BNP Paribas is new to the lead spot. Pricing on Intelsat's existing lines is in the LIBOR plus 27 basis points range, however the banker said the new facility may not have such tight investment-grade pricing. The exact breakdown of the debt package was still being ironed out late last week, he noted. BNP Paribas and Citi officials declined to comment. Officials from the company could not be reached by press time.

  • 20 Jul 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,347 16 18.54
2 Morgan Stanley 2,420 6 10.32
3 BNP Paribas 2,402 10 10.25
4 Goldman Sachs 2,096 5 8.94
5 Bank of America Merrill Lynch (BAML) 2,086 9 8.90

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 50,836.16 165 10.60%
2 JPMorgan 43,849.74 130 9.15%
3 Wells Fargo Securities 37,970.87 112 7.92%
4 Bank of America Merrill Lynch 36,089.91 118 7.53%
5 Credit Suisse 31,628.23 101 6.60%