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 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 9,235.10 31 12.19%
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3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%