CIBC Electric Deal Sparks Hot Reception

  • 16 Feb 2003
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International Transmission Co.'s $325 million credit was oversubscribed last week and pricing and tranche changes were not being ruled out by lead CIBC World Markets. A banker familiar with the deal would not divulge any planned changes to the deal, which backs Kohlberg Kravis Roberts & Co. and Trimaran Capital Partners' $610 million all cash buyout of International Transmission from parent DTE Energy. The fully underwritten credit includes a $185 million term loan and a $15 million revolver at the operating company level, with pricing in the LIBOR plus 21/ 2% range. There is also a $125 million loan at the holding company level priced between LIBOR plus 31/ 2-4%. A CIBC official and Trimaran spokeswoman declined to comment, while a KKR official could not be reached by press time.

International Transmission comprises a system of nearly 3,000 miles of high-voltage electric transmission lines and associated facilities and easements. DTE's Detroit Edison electric utility subsidiary was the former owner and operator of these assets (LMW 2/10).

  • 16 Feb 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
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4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 2,454.09 9 13.89%
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