Funds Flock To Flowserve

  • 14 Apr 2002
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The seven-year $730 million "B" loan for Flowserve has been well oversubscribed with over $1.25 billion in commitments received. The credit, led by Credit Suisse First Boston and Bank of America, will likely trade up once it breaks for trading, said one banker eyeing the deal. He also said a 1/4% flex down in pricing could be possible before closing. The "B" tranche, which backs the acquisition of Invensys' valve division, carries a LIBOR plus 31/ 4% spread. Sean Clancey, a spokesman for Flowserve did not return calls. CSFB is the syndication agent and B of A is administration agent on the deal. Flowserve expects to make cost savings of up to $15 million a year from the acquisition (LMW, 3/31).

  • 14 Apr 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 %
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1 Citi 2,384.00 8 11.97%
2 JPMorgan 1,441.26 6 7.24%
3 Bank of America Merrill Lynch 1,369.03 6 6.87%
4 Mizuho 1,358.38 4 6.82%
5 SG Corporate & Investment Banking 1,292.64 1 6.49%