Telecom Co. Preps Refinancing

  • 19 Aug 2001
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Citizens Communications is preparing to refinance $2 billion in loans between now and October when existing lines mature. Don Armour, v.p., finance and treasurer for Citizens, said the new revolver would most likely be a multi-year backstop with the same institutions that led a $5.7 billion line arranged last year. Chase Manhattan Bank was the lead arranger on that credit, which has been downsized after a $1.7 billion note sale earlier this year and will be cut even more by a planned $1.75 billion private offering of 144A senior notes. The company is coming in with a $2 billion deal because it does not need a revolver as large as the existing facility.

"The note offering, led by Morgan Stanley and J.P. Morgan, was an opportunistic financing, designed to term out bank debt," Armour said. Other lenders to the company include Bank of America, BANK ONE, and Citicorp. Pricing and the exact date of the launch of the loan are not yet decided, he said.

  • 19 Aug 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 1,505.59 4 13.16%
2 SG Corporate & Investment Banking 1,292.64 1 11.30%
2 Rabobank 1,292.64 1 11.30%
4 Wells Fargo Securities 942.61 3 8.24%
5 Mizuho 875.48 2 7.65%