Deutsche, B of A Launch Exit For Pinnacle

  • 14 Jul 2002
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Deutsche Bank and Bank of America will launch a $340 million exit financing for Pinnacle Towers on Wednesday in the wake of the company's rapid emergence from Chapter 11 bankruptcy protection. The loan is divided into a $300 million amortizing "B" loan priced at LIBOR plus 4% and a $40 million revolver priced at LIBOR plus 31/ 2%. Officials at the company and the banks either did not return calls or declined to comment.

Pinnacle filed for Chapter 11 in May with the aim of de-leveraging its balance sheet by allowing senior bondholders to become equity holders in the company. The company's senior notes will be cancelled in exchange for $114 million in cash and up to 49% of the stock of the newly reorganized company. The majority equity stake will go to Fortress Investment Group and Greenhill Capital Partners, which are investing $205 million in the wireless communication tower company as part of the pre-negotiated plan.

  • 14 Jul 2002

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) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 12,356.92 41 13.22%
2 Bank of America Merrill Lynch 10,716.42 32 11.47%
3 Barclays 8,716.58 27 9.33%
4 JPMorgan 7,774.38 29 8.32%
5 Wells Fargo Securities 7,444.83 29 7.97%