CSFB Launches Two New Deals

  • 02 Dec 2001
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Credit Suisse First Boston last Tuesday launched syndication of two new deals totaling $676 million. CSFB is in the market with a $350 million credit for the financially troubled Washington Group and a $325 million refinancing for CSK Auto. A banker familiar with the Washington Group deal said it comprises a $200 million revolver with a commitment fee of 1% and a $150 million revolver carrying a 2% commitment fee. Pricing on both pieces is tied to a grid and is currently set for LIBOR plus 4%. The reason for the difference in the commitment fees on revolvers that are both set for three year tenors could not be ascertained by press time. Katrina Puett, media relations specialist at Washington Group, said treasury officials were traveling and unavailable to answer questions. Bankers said CSFB is looking for other agents to come in on the deal as it will provide exit financing for the company now that Washington has emerged from bankruptcy.

The $325 million refinancing credit for CSK Auto is co-led by J.P. Morgan. The CSK Auto credit comprises a $225 million, three-year revolver and a $100 million, three-year "A" term loan. The spread on the credit is set a LIBOR plus 31/4 % tied to a pricing grid. The commitment fee is 50 basis points. A banker said J.P. Morgan was sole existing lender on the company's maturing facility prior to a $27 million add-on provided by CSFB earlier this year, explaining CSFB's role as a lead on the new deal. Don Watson, cfo, did not return calls by press time.

  • 02 Dec 2001

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 %
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1 Citi 69,310.90 231 10.47%
2 JPMorgan 63,935.25 195 9.66%
3 Wells Fargo Securities 51,322.59 157 7.76%
4 Bank of America Merrill Lynch 50,413.91 166 7.62%
5 Credit Suisse 46,981.53 148 7.10%