Investors Deliver To Domino's Recap

  • 08 Jun 2003
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Syndication of pizza delivery franchise Domino's new $685 million secured credit launched last week and received strong investor reception, according to market players. An exact subscription level could not be ascertained. The deal, led by J.P. Morgan, includes a six-year, $125 million revolver and a seven-year, $560 million term loan, and is priced in the LIBOR plus 31/4% range. A $450 million note deal also backs the recapitalization plans.

Proceeds will be used to pay a $200 million dividend to the company's common equity holders, to redeem the $199.5 million of payment-in-kind preferred stock at the holding company, TISM, and to refinance the company's existing term loan and senior notes. Bain Capital controls about 49% of the company. A banker familiar with the deal noted that pricing for the credit seemed a bit aggressive, but he still thought the deal was a strong sell. The credit is expected to close with higher pricing, a stricter debt amortization schedule and a bigger excess cash flow sweep than Ann Arbor, Mich.-based Domino's existing loan. A J.P. Morgan official declined to comment and a Domino's official could not be reached by press time

  • 08 Jun 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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 2,454.09 9 13.89%
2 JPMorgan 1,441.26 6 8.16%
3 SG Corporate & Investment Banking 1,292.64 1 7.32%
3 Rabobank 1,292.64 1 7.32%
5 Bank of America Merrill Lynch 1,226.20 5 6.94%