F.Y.I. Cashes In On Oversubscription

  • 15 Apr 2001
Email a colleague
Request a PDF

F.Y.I. Incorporated went to market with a $250 million credit but ended up signing a $297.5 million deal as syndication closed oversubscribed. Lon Baugh, head of investor relations, said the credit replaces a $175 million deal due to mature next year. He said the company wanted to refinance now to ensure it would get the most favorable terms possible. "When it came to negotiations, we didn't want to be in rush mode. We didn't want to go there," he said. "We wanted to accommodate for growth and have an expansion in our capacity," he said.

Bank of America leads the deal with a 12-member syndicate. SunTrust Bank and Wells Fargo are co-agents. BNP Paribas led the former deal and did not bid for the lead this time around, but is part of the syndicate, said Baugh. He said he does not know why BNP opted out of vying for the lead. He says the company found an overwhelming response to its deal. "Even with the credit market tightening, there was tremendous interest in our deal," Baugh said of the bidding process. "We chose Bank of America because we have a number of relationships with them. They offered competitive pricing, and they're just extremely competent." The company is satisfied with its bank group but is always open to new interest. "If a specific opportunity came up in a specific service capability, we would want to be smart about that," Baugh said.

Baugh says acquisitions are always in the company's outlook, although he declined to give specifics. F.Y.I., based in Dallas, is an information outsourcing management company.

  • 15 Apr 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 %
  • Last updated
  • Today
1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%