Solo Citi Seeks Commitments For Sugar Land Tech Co

  • 22 Apr 2001
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Citigroup, acting as sole arranger, syndication and administration agent, is seeking commitments of at least $35 million for a $175 million refinancing for K*TECH Electronics, a contract electronics manufacturing company based in Sugar Land, Texas. A banker close to the deal noted that a conference call two weeks ago kicked off the syndication process, but it could not be determined whether commitments have been raised.

The loan is a revolving credit priced at LIBOR plus 3% and is intended to provide working capital. It is open as a wholesale tier initially, though at a later stage could be open to retail players looking for smaller chunks, noted a banker. The credit, fully secured against K*TECH's assets, is a borrowing-based deal, he added. It is expected to close in three weeks, he noted.

Ted Ainsworth, cfo for K*TECH, referred calls to officials at Thayer Capital, a private equity investment firm based in Washington, D.C., that purchased K*TECH this month and is acting as primary sponsor. Officials at Thayer did not return calls. Citigroup was chosen following a request for proposals, said the banker, declining to name the other banks considered.

  • 22 Apr 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 117,261.12 337 11.09%
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3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%