Mammoth Energy Credit Hacked Down To Size

  • 10 Jun 2001
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Credit Suisse First Boston's $3.5 billion deal for Atlanta-based energy giant Mirant Corp. has been downsized to $3 billion and has had pricing flexed upwards. Project financiers predicted that the deal would be tough, suggesting that CSFB would have to tap most of the major power finance houses to get a package of this magnitude done. Recent construction revolvers from NRG Corporation and American National Power also proved tough sells.

A $500 million special purpose revolver has been cut with pricing on the $750 million, 364-day facility and $750 million four-year revolver now set at 105 basis points. Previously pricing was LIBOR plus 7/8%. The 364-day also includes a 1/8% utilization premium when usage exceeds one-third. The $150 million, four-year revolver stays at LIBOR plus 11/4 %. Officials at Mirant and CSFB did not return calls. CSFB is also planning to launch retail syndication on an $800 million four-year non- recourse loan sponsored by PSEG Power in mid-July.

  • 10 Jun 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 79,222.71 230 11.49%
2 Bank of America Merrill Lynch 65,088.22 185 9.44%
3 Wells Fargo Securities 55,825.35 161 8.10%
4 JPMorgan 52,873.25 155 7.67%
5 Credit Suisse 44,197.08 113 6.41%