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 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%