VoiceStream Trades Up As Merger Nears

  • 13 May 2001
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A total of $15-20 million VoiceStream Communications' bank debt changed hands last week at 99 5/8 to 99 7/8 as the company gets closer to merging with Deutsche Telekom within the next month. Despite VoiceStream's announcement early last week that first quarter losses had tripled, dealers said the paper's levels were holding up. VoiceStream traded up to 99 1/4 on the announcement that the Federal Communications Commission had approved its merger with Deutsche Telekom (LMW, 4/25). Deutsche Telekom and VoiceStream are set to close their deal on May 31. "That is forcing the market up," a dealer said, noting that the term loan "B" is trading at 99.875 and term loan "A" at 99 5/8.

VoiceStream has a $3.25 billion deal, which breaks down into three tranches and is priced at 2 3/4 % over LIBOR. The mandated arrangers are Goldman Sachs, Credit Suisse First Boston, Bank of America, Barclays Capital, J.P. Morgan Chase, Salomon Smith Barney, TD Securities and SG Cowen Securities, according to Capital DATA Loanware.

  • 13 May 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 %
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1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%