Washington Group Softens On Market Downturn

  • 14 Oct 2001
Email a colleague
Request a PDF

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 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 91,105.19 257 10.97%
2 Bank of America Merrill Lynch 78,286.59 217 9.43%
3 JPMorgan 68,975.82 196 8.31%
4 Wells Fargo Securities 67,736.13 189 8.16%
5 Credit Suisse 55,269.48 140 6.66%