Goldman IPC Deal Gets Plaudits

  • 16 Dec 2001
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Goldman Sachs' $120 million deal for IPC Trading Systems garnered positive support last week, with one banker commenting on the tiny $15 million revolver, noting "this is what the market wants." Commitments to the $105 million "B" term loan could not be ascertained, as Goldman officials did not return calls. Pricing on the deal is LIBOR plus 41/ 2%, said a banker, and there is call protection at 102 and 101 in the first two years.

Hamilton, Bermuda-based Global Crossing is selling IPC to Goldman Sachs Capital Partners for $360 million in cash. The rest of the transaction is funded from bonds and equity. Global Crossing, divested the units to focus on its core telecommunications business and improve its cash position. Global Crossing needs to sell right now to reduce a threatening debt load. The company announced it will violate certain bank covenants in the fourth quarter of 2001 due to lower than previously anticipated results, and is in negotiations with its banks to amend the credit facility. Stefanie Sovak, senior v.p of marketing for IPC declined comment until the deal closes.

  • 16 Dec 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 4,486 16 13.62
2 Citi 4,347 16 13.20
3 Lloyds Bank 3,158 6 9.59
4 Morgan Stanley 3,066 8 9.31
5 Bank of America Merrill Lynch (BAML) 2,771 10 8.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 59,774.40 197 10.64%
2 JPMorgan 52,017.12 155 9.26%
3 Wells Fargo Securities 42,153.78 123 7.51%
4 Bank of America Merrill Lynch 41,657.82 137 7.42%
5 Credit Suisse 38,415.30 121 6.84%