Conseco Secures Forbearance, But Bank Debt Stands Still

  • 20 Oct 2002
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Conseco announced that it received a forbearance agreement from its lenders last week, but the bank debt continued to languish in the 58-61 range as no trades took place. An undisclosed seller was looking to unload a $30 million piece of Conseco bank debt, but the seller is finding the current levels for the paper to be too low, according to market players. "The buyers are in the high 50s, but the sellers aren't there," one trader said.

The forbearance agreement applies to the company's $1.5 billion credit facility and extends through Nov. 26, giving Conseco some breathing room as its lenders have promised not to exercise remedies to the company's covenant breach. Conseco also was able to secure forbearance agreements for its $540 million in directors and officers loans. Calls to Conseco were not returned by press time.

 

  • 20 Oct 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%