Waterworks Deal Floats To Less Than Buoyant Market

  • 27 Oct 2002
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J.P. Morgan,UBS Warburg and Goldman Sachs launched the bank deal for National Waterworks into a cautious market last Thursday. The $250 million "B" term loan reportedly is priced at LIBOR plus 33/ 4%, prompting one investor to demand more juice or a discount on the B1/BB- credit. "It's asset light, a split-rated credit and there is lots of leverage on the deal," he said, noting that total leverage is about 4.9 times. Bankers at the appropriate firms did not return calls.

J.P. Morgan Partners, Thomas H. Lee Partners and management are buying the waterworks distribution business of United States Filter for $620 million. In addition to the "B" piece, the financing includes a $75 million revolver and $200 million of senior subordinated notes. The sale of the waterworks distribution business is part of U.S. Filter's strategy to divest non-core assets and focus on its wastewater equipment and services business and its consumer and commercial businesses (LMW, 9/30).

  • 27 Oct 2002

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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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5 Credit Suisse 50,788.13 152 5.52%