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 15,256 32 16.83
2 Bank of America Merrill Lynch (BAML) 10,179 30 11.23
3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 348.35 2 14.57%
2 SG Corporate & Investment Banking 297.67 1 12.45%
2 Citi 297.67 1 12.45%
4 RBC Capital Markets 251.51 1 10.52%
4 MUFG 251.51 1 10.52%