First Union is the sole lead on a $200 million refinancing credit for St. Louis, Mo.-based Graybar Electric after Banc of America Securities decided to walk away from the deal. A banker commented that B of A decided that the relationship was not profitable enough to be a co-lead, a position it has held for the last two refinancings and several years. Officials at Graybar and B of A did not return calls. Bankers at First Union declined to comment.
The timing of syndication could not be ascertained. One of the largest distributors of electrical components in the U.S., Graybar manufactures more than 700,000 electrical and communications components.