Skinny Allocations Expected For Venetian

  • 02 Jun 2002
Email a colleague
Request a PDF

Goldman Sachs' $250 million "B" tranche for Venetian Casinos was allocated late last week, with bankers and buysiders expecting pieces to be on the skinny side. The deal was more than five times oversubscribed, according to bankers, and instead of being upsized, pricing was slashed 1/2% to LIBOR plus 3%. The deal also includes a $125 million pro rata piece, which has a $50 million delayed draw term loan. Bankers said it is not too surprising the credit was so oversubscribed. Despite concern over Vegas-based hotels, Venetian is a solid operation, said bankers and analysts.

The proceeds from the new credit and the notes will repay existing debt and also fund a building project that was put on hold following Sept 11. According to Moody's Investors Service the project has a good risk/reward profile, and though cash flow results have not returned to pre Sept. 11 levels, improved travel trends combined with cost cutting support the credit. Officials at Goldman declined comment.

  • 02 Jun 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 69,310.90 231 10.40%
2 JPMorgan 64,579.62 197 9.69%
3 Wells Fargo Securities 51,322.59 157 7.70%
4 Bank of America Merrill Lynch 50,413.91 166 7.56%
5 Credit Suisse 47,114.03 149 7.07%