Pricing, Structure Out On Granite

  • 11 Feb 2001
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Pricing and structure details emerged last week on Goldman Sachs' $205 million credit for Granite Broadcasting. The deal comprises a $110 million term loan "A" tranche and a $95 million "B" tranche. Both pieces are priced at LIBOR plus 51⁄2%, but there is a 12% floor on the deal, a banker said. The floor puts the deal above the 51⁄2% over LIBOR. Goldman expects it to close syndication by the end of the month but is still waiting for other players to come in on the deal.

Up-front fees on the deal are roughly 21⁄2% and there is a $17.5 million interest reserve included on the deal, said the banker. Tranche "A" is secured by seven television stations and tranche "B" is secured by a television property in San Jose and in San Francisco. Granite officials did not return calls.

  • 11 Feb 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

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,318.45 348 12.72%
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3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%