loan syndication background银团贷款背景.ppt

* * * * * * * * * * * Example of a Large Syndicated Loan大型银团贷款案例 Harrah’s Entertainment美国哈拉斯娱乐公司 CORPORATE STRUCTURE 公司结构 30 Example of a Large Syndicated Loan大型银团贷款案例 Harrah’s Entertainment美国哈拉斯娱乐公司 SUMMARY OF TERMS – SENIOR CREDIT FACILITY 条款概要- 优先信用工具 31 Example of a Large Syndicated Loan大型银团贷款案例 Harrah’s Entertainment美国哈拉斯娱乐公司 SYNDICATION GROUP 辛迪加集团 Lender 贷款人 Bank of America (Joint Lead Arranger) 美国银行 Deutsche Bank (Joint Lead Arranger) 德意志银行 Citibank (Joint Bookrunning Managers) 花旗银行 Credit Suisse (Joint Bookrunning Managers)瑞士信贷 JP Morgan (Joint Bookrunning Managers)JP摩根 Merrill Lynch (Joint Bookrunning Managers)美林证劵 Bear Stearns (Co-Managers)贝尔斯登 Goldman Sachs (Co-Managers)高盛 Morgan Stanley (Co-Managers)摩根斯坦利 32 Example of a Large Syndicated Loan大型银团贷款案例 Harrah’s Entertainment美国哈拉斯娱乐公司 SYNDICATION PROCESS – WRONG TIMING FOR AN UNDERWRITTEN DEAL???辛迪加过程-承销交易错误时刻？ The general syndication of Harrah‘s was launched 1/15/2008 with a bank meeting in New York. Over 1,000 bankers attended the general syndication meeting with commitments requested by 1/29/2008.哈拉斯集团的银团贷款从2008年1月15日在纽约举行的银行会议开始执行。 超过1000家银行出席了2008年1月29日之前要求承诺的辛迪加会议。 Unfortunately, given the: i) global correction in the financial markets on the week of January 21, 2008, ii) dramatic widening of high yield credit spreads and iii) reduction in the 3-month Libor Rate by at least 120 bps that followed, the secondary market loan prices pulled back materially and bank investors started to demand a much higher All-In Yield (about L+ 500) on primary market transactions, like Harrah‘s. 不幸的是：i）2008年2月21日全球金融市场动荡；ii）高收益利差戏剧性的扩大；iii）3个月的libor利率下降至少120bps，二级市场贷款价格大幅下降，银行投资者要求一级市场上的交易，如哈拉斯，更高的全收益， Investors were demanding All-In Yield of between L+ 450 - 500 to commit/purchase Harrah‘s Term Loan B. Since the offered TLB margin spread was L+300, investors were demanding a discount (OID) of between 92-93 (compared to the original OID offer of 96.5) from the Underwriters/Arrangers. 投资人要求在L+400和500之间的全