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Published on 12/30/2005 in the Prospect News Bank Loan Daily.

Landmark deals of 2005

Sungard

Issuer:SunGard Data Systems Inc.
Size/structure:$5 billion deal, including $4 billion 71/2-year term loan B at Libor plus 250 bps, $1 billion six-year revolver at Libor plus 275 bps
Proceeds:LBO
Lead banks:JPMorgan, Citigroup, Deutsche
Importance:Large deal; good pricing; most publicized; and most actively traded
Hertz
Issuer:Hertz Corp.
Size/structure:$3.85 billion, including $1.707 billion funded term loan B at Libor plus 225 bps with step to Libor plus 200 bps on leverage, $293 million delayed-draw term loan B, $1.6 billion asset-based revolver at Libor plus 200 bps, $250 million letter of credit at Libor plus 225 bps with step to Libor plus 200 bps on leverage
Proceeds:LBO
Lead banks:Deutsche, Lehman, Merrill Lynch
Importance:Another large LBO deal, proving that the loan market could absorb a tremendous amount of paper
Neiman Marcus
Issuer:Neiman Marcus Group Inc.
Size/structure:$2.575 billion deal, including $1.975 billion 71/2-year term loan B at Libor plus 250 bps and a $600 million five-year asset-based revolver at Libor plus 175 bps
Proceeds:LBO
Lead banks:CSFB, Deutsche
Importance:Large deal with covenant-light term loan B
Selection based on comments from market sources interviewed by Prospect News.

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