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2 CP BBB A 3 1
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5 3 (%) , , , , CP a b ABS c d ( ) a+b+c+d / (%) FRB, Flow of Funds Accounts Industrial Revenue Bond 4
6 CP 90 CLO collateralized loan obligation ABS 1990 ABS a+b+c+d Commercial Mortgage 2002 Mortgage 4,914 4,463 91% Commercial Mortgage (10 ) ABS REITs , , FRB, Flow of Funds Accounts 5
7 ex. GE GMAC ex. AIG CP CP CP A 6 CP CP Back up Facility CP CP 2001 CP CP CP 7 CP Moody s CP P-1(Prime-1 ), P-2, P3, NP(Not Prime) 2000 CP 89% top-tier 10% second-tier Federal Reserve Bank of Kansas City, Shen, Pu Why Has the Nonfinancial Commercial Paper Market Shrunk Recently?, Economic Review Articles, 2003, First Quarter CP ABS ABS CP 6
8 CP , % ) CP , Fitch BBB 82.3% BB 17.7% U.S. Census Bureau, "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations: 2002" 7
9 10 (2002 ) 286 (47%) 1,021 (37%) [100%] 323 (53%) 1,730 (63%) [100%] 609 (100%) 2,751 (100%) [100%] 2003/6 BBB 1,002 (45%) [97%] 1,202 (55%) [69%] 2,204 (100%) [80%] [ 3%] [31%] [20%] BB 19 (3%) 528 (97%) 547 (100%) Loan Pricing Corporation(LPC) 15 10, % (100) 872(100) 1,017(100) 1,196(100) 1,107(100) 969(100) BBB 252 (65) 346 (40) 462 (45) 650 (54) 696 (63) 502 (52) BB 65 (16) 137 (15) 161 (16) 159 (13) 131 (12) 138 (14) 72 (19) 389 (45) 393 (39) 387 (33) 280 (25) 329 (34) LPC ( ) 1/4 3/ (%) Financial Services p23 Moody s 8
10 LPC BB BBB 65% major loan syndication agents smaller banks 250 regionals BB BB 11 FRB, Credit Risk Rating at Large U.S. Banks Federal Reserve Bulletin, 1998 November % 9
11 45% 60% 75% BB BBB CP 12 / (2002/3 ) A B 2,098 $ 24.6% , , , U.S. Census Bureau, "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations: 2002" 10
12 Thomson Financial-IFR % 15% 10 (2002 ) 13 (%) (10 ) ( ) AAA AA A BBB / Fitch / /
13 (LPC ) 4.5 (%) 4 BBB+ 6 BBB- 2, (BBB+ BBB ) 2, (4.8 ) ( BBB ) 4, (4.5 ) (BBB BBB ) LPC multi-year multi-year Average term of multi-year, Investment grade loans, Tenor (mos.) H92 1H93 2H93 1H94 2H94 1H95 2H95 1H96 2H96 1H97 2H97 1H98 2H98 1H99 2H99 1H00 2H00 1H01 2H01 1H02 2H02 Source: Loan Pricing Corp / Gold Sheets 14 LPC V 15 Loan Pricing Corporation, 2003 Annual, Understand Your Local Market 12
14 B (multi-year ) AA A BBB Term loan B B Term Loan B B Average B term loan tenor, Average tenor (years) Source: Loan Pricing Corp / Gold Sheets 5 40 CP 16 underwite 13
15 S&P , % BBB BB Haitao Li, Connie X. Mao, Corporate use of interest rate swaps: Theory and evidence Journal of Banking & Finance 27(2003)
16 1980 LBO(Leveraged Buyout Loan ) M&A FRB, FDIC Shared National Credit SNC ( ) LPC Thomson Financial SEC 15
17 S&P Moody s Fitch S&P Moody s 1995 SNC , % M&A SNC (10 ) 3 (%) (A) (B) (B)/(A) , , , , , LPC Thomson Financial BBB Investment Grade High Grade BB ( Leveraged loan market) 19 L+150bp L+250bp Highly Leveraged 19 (Non investment grade, Speculative grade) BB Leveraged Libor Spread +150bp +125bp +175bp BB Leveraged 16
18 CP Line of Credit/ Revolver Term Loan Line of Credit/ Revolver (drawn) 2002 (10 ) Investment Leveraged Grade , (45%) (32%) LPC , (54%) 310 (26%) , (63%) (20%) (52%) (27%) Thomson , (73%) (27%) Financial , (68%) (32%) SNC Commercial & industrial loans: C&I (10 ) 21 Loan secured by real estate Commercial real estate Construction and development Commercial & industrial loans A 1,686.8 B % 288 (C) C/A C/B 32 % 17% 20 LPC Thomson Financial LPC BBB all-in drawn spread Libor+150 BB Libor +150 Investment Grade Leveraged 21 FDIC, Quarterly Banking Profile, Second Quarter
19 C&I 75% 10, % 81 Commercial & industrial loans Commercial real estate Construction and development FRB C&I % % % % 50% % % % % FDIC, Qarterly Banking Profile, Second Quarter FRB, Senior Loan Officer Opinion Survey,
20 SNC 1.61 a 1, b c 8,232 d 5, 111 c/d 1.61 a/d 322 b/d 117 Revolving Credit Line (RC), Term Loan (TL), Letter of Credit (LOCs) a) Revolving Credit Line Revolving Credit Line Line of Credit Revolver, Revolving facility 364 multi-year 3 5 multi-year drawn Libor Prime Rate Spread 364 multi-year drawn Libor Spread 19
21 Drawn Spread 364 All-in draw n spreads on 364-day facilities, All-in drawn LIBOR spread (bps) BBB rated A AA 2H92 1H93 2H93 1H94 2H94 1H95 2H95 1H96 2H96 1H97 2H97 1H98 2H98 1H99 2H99 1H00 2H00 1H01 2H01 1H02 2H02 Source: Loan Pricing Corp / Gold Sheets Undrawn Fee 364 Undraw n fees on 364-day facilities, Undrawn fee (bps) BBB rated A AA 2H92 1H93 2H93 1H94 2H94 1H95 2H95 1H96 2H96 1H97 2H97 1H98 2H98 1H99 2H99 1H00 2H00 1H01 2H01 1H02 2H02 Source: Loan Pricing Corp / Gold Sheets Drawn Spread multi-year Draw n spreads on Syndicated loans, (Loans one year or greater) All-in drawn LIBOR spread (bps) BB rated BBB A AA H91 2H91 1H92 2H92 1H93 2H93 1H94 2H94 1H95 2H95 1H96 2H96 1H97 2H97 1H98 2H98 1H99 2H99 1H00 2H00 1H01 2H01 1H02 2H02 Year 20
22 Undrawn Fee multi-year Undraw n fees on Investment grade loans, Undrawn fee (bps) AA BBB rated A H91 2H91 1H92 2H92 1H93 2H93 1H94 2H94 1H95 2H95 1H96 2H96 1H97 2H97 1H98 2H98 1H99 2H99 1H00 2H00 1H01 2H01 1H02 2H02 multi-year Spread 364 multi-year multi-year Spread multi-year multi-year drawn Spread Term Loan Spread Spread multi-year CP multi-year Revolving Credit Line CP CP CP Credit Line Back Up Credit Facility 25 Credit Line CP 20 50% BBB BB 24 1 revolving credit line 364 multi-year 25 CP Back Up Credit Facility CP Back Up Credit Facility 21
23 Revolving Credit Line Term Loan b) Term Loan Term Loan Term Loan-A Term Loan-B, Term Loan-C Term loan-a Revolving Credit Line Term Loan-B Revolving Credit Line Term Loan Libor Spread Revolving Credit Line drawn Spread Term Loan-A Term Loan-B Revolving Credit Line c) Letter of Credit Letter of Credit Revolving Credit Line Term Loan Revolving Credit Line Term Loan -A Term Loan-B Revolving Credit Line Revolving Credit Line Term Loan Term Loan Term Loan- B 5 Term Loan-B 22
24 Term Loan-B tranches Moody s 10 Revolver /Line Term Loan RC BBB RC+TL TL RC BB RC+TL TL NR (Not rated) TL-B SNC Agent Participant % % Thomson Financial bookrunner 15 91% 3 JP Morgan Chase, Bank of America, Citi/Salomon Smith Barney 7 High Grade 3 75% Lead Arranger 3 Lead Arranger Administrative Agent 23
25 Collateral Agent Lead Arranger Agent Agent bookrunner a) SNC % SNC % 48% 5.8% 2.8% Leveraged loans M&A SNC Distressed LPC Par 24
26 b) Revolving Credit Line Term Loan-A 1990 Revolving Credit Line Term Loan-A Term Loan-B Leveraged loans Term Loan -B /3 26 S&P Leveraged loans Highly Leveraged loans Leveraged loans Libor Spread Spread Spread Performance Pricing(PP) Pricing Grid S&P Investment-Grade loans Leveraged loans 26 S&P, A Guide to the Loan Markets, October S&P, Syndicated Loans A Rated Markets, at Last!,
27 28 LPC Performance Pricing 8 9 Pricing Grid 5 EBITDA 2 Pricing Grid 4 5 Performance Pricing 5 Performance Pricing Libor Spread Performance Pricing Performance Pricing Spread 3 Performance Pricing (PP) 5 PP Performance Pricing LPC Performance Pricing BWAY s Corp Atlanta-based steel container maker Revolving Credit Line Spread L+100bp EBITDA 4 Performance Pricing Grid Spread 28 S&P, A Guide to the Loan Markets, October NBER, Summer Institute 2002, Corporate Finance, Paul Asquith, Anne Beatty, Joseph Weber, "Performance Pricing in Debt Contracts" March 7, 2002, 26
28 BWAY s Corp. $175 million revolving line of credit agreement LOAN TYPE: Revolver PURPOSE: Takeover, debt repay, working capital SIGNING DATE: 06/17/1996 EXPIRES DATE: 06/17/2001 (60 months) SECURED : YES DISTRIBUTION : Loan Syndication SPREADS (AT CLOSE): LIBOR+100bp GRID: YES ADJUSTMENT PERIOD Quarterly, using average debt-to-ebitda for previous four quarters. Performance Pricing Grid Level Debt/EBITDA Ratio LIBOR Plus (bp) < < < < < < Covenants % of the proceeds from assets sales must be used to pay down debt. 2. Maintain a debt-to-ebitda ratio < debt-to-ebitda ratio Maintain interest coverage and net worth Dividends restricted to 50% cumulative consolidated net income. 50% Performance Pricing Grid 27
29 Covenants Investment-Grade Leveraged Affirmative Negative Financial 30 Affirmative Covenants Negative Covenants Financial Covenants coverage leverage current ratio tangible net worth maximum capital expenditures 5 a) coverage covenants debt service fixed charges and/or b) leverage covenants EBITDA c) current ratio covenants quick ratio d) tangible net worth (TNW) covenants (TNW) e) maximum capital expenditures covenants Leveraged loans cash sweep 31 a) excess cash flow 50-70% 30 Affirmative Negative Negative Financial 31 S&P, A Guide to the Loan Markets, October
30 b) 100% c) 100% d) 25-50% S&P IPO 1/3 1/ % 1/3 100% Fitch /EBITDA 5 6 cash sweep 49% 68% LPC Leveraged loans 200 Fitch Financial Covenants 32 Leverage Total Debt/EBITDA Senior Debt/EBITDA Debt/Capitalization Debt/Net Worth Senior Debt/Capitalization 78 % Coverage Interest Coverage Fixed-Charge Coverage Senior Interest Coverage Excess Cash Flow Sweep Asset Sales Sweep Debt Issuance Sweep Equity Issuance Sweep Fitch Leveraged loans leverage covenants coverage covenants leverage covenants 4 cash sweep 32 Fitch IBCA, Loan Preserver, The Value of Covenants, March 4, 1999, Loan Products Special Report 29
31 (amendment) up-front fee Spread 50% 100% agent bank Investment-Grade Leveraged loans 5 76% 66% 84% 50% 80% Subordinate Senior/Junior 30
32 1) 2) 3) Bank Book Information Memo 4) 5) 6) Arranger Bank Book 33 Bank Book Revolving Credit Line Term Loan Term Loan Leveraged loans Investment Grade Term Loan Distressed 31
33 LPC 10 % (A)/(B) Par Distressed (A) (B) SEC mutual fund mark-to-market price LSTA/LPC Mark-To-Market Pricing daily bid/offer 30 assignment lender participation lender lender lender default risk Participation double credit default risk lender default risk reputation risk 90 S&P ,200 Leveraged loan market
34 57% % 34 Moody s notch S&P ex. margin loan closing margin (Spread) market-flex pricing inefficient traditional private, relationshipbased bank loan market more efficient investor-driven securities market loan market S&P 34 S&P, Syndicated Loans A Rated Markets, at Last!, market-flex clause reverse market-flex Term Loan term out option 33
35 1 administrative agent FRB CDS Credit Default Swap CP 34
36 relationship-based Term Loan 2 35
37 36 JP Morgan Chase Transaction-Oriented M&A Tying Anti-Tying 36
38 CDS Credit Default Swap 3 High Yield bonds Leveraged loans Libor Spread Libor Spread Leveraged loans Spread 37
39 S&P % Bank Debt Senior secured bonds Senior unsecured bond Senior subordinated bond Subordinated Junior subordinated bond ,618 S&P Fitch High yield bonds Leveraged loans 16% 31%(bonds) 68% 69%(loans) S&P, A Guide to the Loan Markets, October 2002 S&P U.S. Loss Recovery Database 39 Fitch, Lenders Maintain Recovery Edge Over Bondholders, Press Release 38
40 CP Performance Grid High Yield bond Leveraged loan Libor Spread Spread Leveraged loans SEC 39
41 Leveraged loans 40
42 FRB, Flow of Funds Accounts FRB, Senior Loan Officer Opinion Survey, August 2000 FRB, Shared National Credit review FDIC, Quarterly Banking Profile U.S. Census Bureau, "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations:" FRB, Credit Risk Rating at Large U.S. Banks, Federal Reserve Bulletin, November 1998 Federal Reserve Bank of Kansas City, Shen, Pu, Why Has the Nonfinancial Commercial Paper Market Shrunk Recently?,Economic Review Articles, 2003, First Quarter Federal Reserve Bank of Chicago, Jonathan Jones, William W. Lang, Peter Nigro Recent Trends in Bank Loan Syndications: Evidence for 1995 to 1999, May 2001 Journal of Banking & Finance, Haitao Li, Connie X. Mao, Corporate use of interest rate swaps: Theory and evidence, 27(2003), NBER, Summer Institute 2002, Corporate Finance, Paul Asquith, Anne Beatty, Joseph Weber, "Performance Pricing in Debt Contracts", S&P, A Guide to the Loan Markets, October 2002 S&P, Syndicated Loans A Rated Markets, at Last!, Moody's, Syndicated Loan Ratings List, Fitch IBCA, Loan Preserver, The Value of Covenants, Fitch, Lenders Maintain Recovery Edge Over Bondholders, Fitch, "2002 Ends on a Down Note for the U.S. Bond Market", Fitch, "U.S. Bond Market: Signs of Improving Credit Conditions Continue in the Second Quarter", Loan Pricing Corporation, 2003 Annual, Understand Your Local Market LPC 9th Annual Gold Sheets Corporate Finance Conference ( ) (Gold Sheets, ) Investment Dealers' Digest,
43 SNC SNC LPC CDS Moody s Drawn Spread Undrawn Fee BB AA Drawn Spread Undrawn Fee A Drawn Spread Undrawn Fee BBB Drawn Spread Undrawn Fee 364 multi-year B Term Loan Multi-year 364 Spread Fee 42
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