Citi Launches Jumbo Redux

  • 25 Nov 2001
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Citigroup two weeks ago launched syndication of a $2.75 billion refinancing for International Lease Finance Corp. that included a $1.5 billion, 364-day revolver and a $1.25 billion facility with a three-year maturity. Market sources said banks are committing to the deal that has raised eyebrows due to its association with the airline industry as a provider of aircraft operating leases. Citi is reportedly pitching allocations in the amounts of $300 million, $250 million, and $150 million. Reportedly, some firms have taken top slots. Calls to Citigroup syndication officials and Alan Lund, ILFC cfo, were not returned by press time.

Pricing on the deal is 25 basis points over LIBOR for the 364-day revolver and 35 basis points over LIBOR for the three-year piece, with a five basis point increase as increments of 30% of the loan are drawn down by the company. A banker familiar with the deal said the three-year part of the deal was originally discussed as having a five-year maturity, but the maturity was reduced to make the deal more appealing to the market. Citi was the original lender on the credit, which was $1.8 billion and priced at LIBOR plus 19 basis points.

 

  • 25 Nov 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%