Silgan Appetite Tops $1 Bln

  • 05 May 2002
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Institutional players offered more than $1billion for Silgan Holdings' $300 million "B" loan before the bank meeting was even held April 25. Deutsche Bank, Bank of America, Morgan Stanley and Citibank all have roles on the $800 million bank deal, which also comprises a $400 million, six-year revolver and a $100 million "A" term loan, said a banker. Silgan is looking to refinance to take advantage of the current investor enthusiasm for the paper, said Harley Rankin Jr., executive v.p. and cfo of Silgan. The $300 million "B" is still being shopped and the LIBOR plus 21/ 2% pricing is unchanged, the banker noted. The pro rata is priced at LIBOR plus 2%.

Deutsche Bank is administration agent and B of A is the syndication agent. Morgan Stanley was lead manager on an accompanying $200 million bond issue, with the other three banks as bookrunners. The bonds yield 8.119%, 0.9% lower than the company's existing notes, said Rankin.

Silgan makes metal, plastic and paperboard containers. Moody's Investors Service assigned a Ba2 rating to the company, citing the solid financial condition as evidenced by the strength of its EBITDA margins.

  • 05 May 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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 2,454.09 9 13.89%
2 JPMorgan 1,441.26 6 8.16%
3 SG Corporate & Investment Banking 1,292.64 1 7.32%
3 Rabobank 1,292.64 1 7.32%
5 Bank of America Merrill Lynch 1,226.20 5 6.94%