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

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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

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