Washington Group Softens On Market Downturn

  • 14 Oct 2001
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Washington Group's term loan traded at 63-64 last week while the revolver hit 73-75. Levels on the revolver were 82-83 last summer (LMW, 8/12). An estimated $10 million changed hands. At the time dealers noted increasing comfort with the credit in light of a stronger construction industry. But a softer market overall may be hitting Washington Group again. The Boise, Idaho-based company is one of the country's largest construction firms.

The credit nose-dived to 55 last March after the company announced legal action against the construction and engineering arm of Raytheon, which it had acquired. Washington Group has a $1 billion credit facility that breaks down into two tranches. It is priced at LIBOR plus 2%. Bank of Montreal, Bank of America, and Credit Suisse First Boston are the lead arrangers, according to Capital DATA Loanware.

  • 14 Oct 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%