Issuer: | SunGard Data Systems Inc.
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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
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Proceeds: | LBO
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Lead banks: | JPMorgan, Citigroup, Deutsche
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Importance: | Large deal; good pricing; most publicized; and most actively traded
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Hertz
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Issuer: | Hertz Corp.
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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
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Proceeds: | LBO
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Lead banks: | Deutsche, Lehman, Merrill Lynch
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Importance: | Another large LBO deal, proving that the loan market could absorb a tremendous amount of paper
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Neiman Marcus
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Issuer: | Neiman Marcus Group Inc.
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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
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Proceeds: | LBO
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Lead banks: | CSFB, Deutsche
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Importance: | Large deal with covenant-light term loan B
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Selection based on comments from market sources interviewed by Prospect News.
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