Investors Swarm Paxson 'B' Tranche

  • 24 Jun 2001
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Citibank's $360 million credit for Paxson Communications Corp., a broadcast television station, has already received commitments of $430 million for the $285 million "B" tranche following a bank meeting two weeks ago. Talk of a flex down is premature, said a banker.

CIBC World Markets is documentation agent and Union Bank of California is syndication agent on the facility, which comprises a $25 million revolver and a $50 million delayed draw term loan "A." Pricing on the pro rata is LIBOR plus 3%, with the "B" priced at LIBOR plus 3 1/4 %. Commitment fees could not be ascertained. Secondary trading levels on the old loan indicated the deal would be popular, said the banker, noting that bids are consistently above par. The pro rata is likely to be filled by the banks working on the deal with some additional select banks, he noted. The schedule for closing is July 11, the same as for a $200 million note offering.

A spokeswoman said that the credit facility and note offering would be used to refinance an existing facility, 11 5/8 % senior sub notes due 2002, and the outstanding shares of its most senior series of redeemable preferred stock. The credit is an increase on the old facility, which was backed by a similar bank group.

  • 24 Jun 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 20,542.69 67 10.85%
2 JPMorgan 18,820.53 50 9.94%
3 Bank of America Merrill Lynch 17,976.22 56 9.49%
4 Wells Fargo Securities 16,568.24 48 8.75%
5 Barclays 13,499.53 45 7.13%