Rayovac Builds Support, Europeans Want More

  • 15 Sep 2002
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TheBank of America, Salomon Smith Barney-led credit for Rayovac Corp. has received a solid response in Europe and the U.S. since its post-Labor Day launch, with about $125 million raised so far for the $375 million U.S. "B" piece. A few $25-30 million tickets came in from individual funds, said a banker familiar with the transaction. The "B" tranche is being offered at LIBOR plus 31/ 4% with a 10 basis points up-front fee. The European tranche has also sparked interest, with some investors looking for the piece to be expanded from the current E50 million size. One banker said a larger tranche would enhance liquidity and allow bigger pieces to be assigned. It has not yet been decided whether to adjust the tranches though, she noted.

The Rayovac loan backs the acquisition of the consumer-battery operations of Germany's Varta. One buysider said it is still a concern that the company is behind Duracell and Energizer Holdings (LMW, 9/9). The pro rata is being offered at LIBOR plus 23/ 4%.

  • 15 Sep 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 104,581.71 299 10.92%
2 Bank of America Merrill Lynch 86,347.40 249 9.02%
3 JPMorgan 80,990.39 237 8.46%
4 Wells Fargo Securities 77,934.65 225 8.14%
5 Credit Suisse 63,570.21 165 6.64%