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Announced Global Target M&A Advisers in Retailing
| Advisor | 1/1/2008 - 6/16/2008 ($ Mil) | Rank | 1/1/2007 - 6/16/2007 ($ Mil) | Rank |
|---|---|---|---|---|
| Merrill Lynch | 8469.5 | 1 | 20357.7 | 6 |
| Goldman Sachs & Co | 7322.4 | 2 | 31449.7 | 2 |
| JP Morgan | 6063.5 | 3 | 23232.4 | 4 |
| Citi | 4734.6 | 4 | 36665.9 | 1 |
| Credit Suisse | 3841.3 | 5 | 24571.9 | 3 |
| Lehman Brothers | 3770.9 | 6 | 7367.6 | 10 |
| UBS | 2864.1 | 7 | 22128.2 | 5 |
| Greenhill & Co, LLC | 2863.5 | 8 | 19785.4 | 7 |
| Wachovia Corp | 2778.9 | 9 | 24 | 77 |
| Rothschild | 1924.4 | 10 | 5594.3 | 11 |
| Industry Total | 29293.4 | - | 71739 | - |
Equity/Equity Related Volume
| Date | Equity | Debt |
|---|---|---|
| June 2007 | 1396 | 8197.2 |
| July 2007 | 1636.9 | 2217.6 |
| August 2007 | 407.7 | 5232.8 |
| September 2007 | 383.3 | 4609.1 |
| October 2007 | 1600.3 | 8799.8 |
| November 2007 | 1312.5 | 2234.5 |
| December 2007 | 512.8 | 2046.5 |
| January 2008 | 213.5 | 6381.4 |
| February 2008 | 1444.5 | 2525.1 |
| March 2008 | 224.1 | 4124.9 |
| April 2008 | 1301.4 | 3998.7 |
| May 2008 | 1285.4 | 2751.5 |
| June 2008 | 647.8 | 1939.2 |
Global Retail
| Bookrunner | 1/1/2008 - 6/16/2008 (US$ Mil) | Rank | 1/1/2007 - 6/16/2007 (US$ Mil) | Rank |
|---|---|---|---|---|
| Citi | 4268.4 | 1 | 4130.4 | 2 |
| Banc of America Securities LLC | 2614.5 | 2 | 2742.1 | 6 |
| RBS | 2039.3 | 3 | 894.9 | 15 |
| JP Morgan | 1776 | 4 | 7224.9 | 1 |
| Lehman Brothers | 1709.4 | 5 | 3250.4 | 3 |
| Goldman Sachs & Co | 1463.5 | 6 | 2950.1 | 4 |
| Nomura | 1447.4 | 7 | 38.5 | 45 |
| Merrill Lynch | 1445.4 | 8 | 2472.7 | 7 |
| Santander Global Banking | 1011.5 | 9 | - | - |
| Deutsche Bank AG | 924 | 10 | 2883.2 | 5 |
| Industry Total | 26837.3 | - | 41238.8 | - |
Global Volume by Product
| (01/01/08- 06/16/08) | (01/01/07- 06/16/07) | |||
|---|---|---|---|---|
| Security Type | Proceeds ($mil) | Issues | Proceeds ($mil) | Issues |
| Common Stock | 2853.4 | 34 | 9446.9 | 59 |
| Convertibles | 2263.3 | 6 | 1539.9 | 7 |
| Straight Debt | 21720.7 | 26 | 29347.1 | 50 |
| Straight Preferred | - | - | 55 | 1 |
| Taxable Municipals | - | - | - | - |
| ABS/MBS | - | - | 849.9 | 2 |
Recent Global Debt Deals in Retail
| Issue Date | Issuer | Principal Amount ($ mil) | Final Maturity | Coupon (%) | Offer Yield to Maturity (%) | Bookrunner(s) | Moody Rating | Stan- dard & Poor's Rating | Fitch Rating |
|---|---|---|---|---|---|---|---|---|---|
| 5/28/2008 | Shoppers Drug Mart Corp | 454.7 | 6/03/2013 | 4.99 | 4.997 | RBC Capital Markets Scotia Capital Inc | NR | BBB+ | NR |
| 5/27/2008 | Cencosud SA | 98.3 | 5/27/2018 | 7.188 | Market | Celfin SA Administradora | NR | NR | NR |
| 5/19/2008 | Auchan SA | 118.7 | 6/23/2015 | 3.75 | 3.721 | RBS ABN AMRO | NR | A | NR |
| 5/15/2008 | Harley Davidson Funding Corp | 1000.00 | 6/15/2018 | 6.8 | 6.827 | Citi JP Morgan ABN-AMRO Holding NV RBS | A1 | A | A+ |
| 4/24/2008 | Inergy LP | 200 | 3/01/2016 | 8.25 | 7.903 | Wachovia Securities Inc Lehman Brothers JP Morgan | B1 | B+ | NR |
| 4/08/2008 | Wal-Mart Stores Inc | 1500.00 | 4/15/1938 | 6.2 | 6.222 | Citi Credit Suisse Goldman Sachs & Co Greenwich Capital Markets Inc | Aa2 | AA | AA |
| 4/08/2008 | Wal-Mart Stores Inc | 1000.00 | 4/15/2013 | 4.25 | 4.304 | Citi Credit Suisse Goldman Sachs & Co Greenwich Capital Markets Inc | Aa2 | AA | AA |
| 3/19/2008 | Kroger Co | 375 | 4/15/1938 | 6.9 | 6.945 | Banc of America Securities LLC Barclays Capital Citi | Baa2 | BBB- | BBB |
| 3/19/2008 | Kroger Co | 400 | 4/15/2013 | 5 | 5.045 | Banc of America Securities LLC Barclays Capital Citi | Baa2 | BBB- | BBB |
Announced U.S. Target M&A Advisers in Retail
| Advisor | 1/1/2008 - 6/16/2008 ($ Mil) | Rank | 1/1/2007 - 6/16/2007 ($ Mil) | Rank |
|---|---|---|---|---|
| Goldman Sachs & Co | 4360.1 | 1 | 11040.5 | 1 |
| JP Morgan | 4037.9 | 2 | 2093.1 | 7 |
| Lehman Brothers | 3770.9 | 3 | 7367.6 | 3 |
| Greenhill & Co, LLC | 2778.9 | 4* | - | - |
| Citi | 2778.9 | 4* | 8867.9 | 2 |
| Merrill Lynch | 2778.9 | 4* | 86.1 | 26 |
| Wachovia Corp | 2778.9 | 4* | 24 | 28 |
| Cowen & Co | 1198.4 | 8 | - | - |
| Centerview Partners LLC | 915 | 9* | - | - |
| Credit Suisse | 915 | 9* | 815.4 | 11* |
| Duff and Phelps | 915 | 9* | - | - |
| Industry Total | 8941.6 | - | 18871.8 | - |
Retail
Recent US Syndicated Loans
| Financial Close Date | Borrower | Business Description | Loan Package Amt (US$ Mil) | Bookrunner(s) | Loan Description |
|---|---|---|---|---|---|
| 6/13/2008 | Wal-Mart Stores Inc | Own,op grocery stores | 9500.00 | JP Morgan | Rev Cred / LOC |
| 6/13/2008 | Wal-Mart Stores Inc | Own,op grocery stores | 9500.00 | JP Morgan | Rev Cred / LOC |
| 6/11/2008 | Goody's Family Clothing Inc | Own,op family clothing stores | 175 | GECC Capital Markets Group | Rev Cred Fac |
| 6/02/2008 | Whole Foods Market Inc | Own,op supermarkets | 350 | JP Morgan Royal Bank of Canada | RevCred/Term Ln |
| 5/30/2008 | JJ Taylor Companies Inc | Beer distributor | 110 | JP Morgan | Rev Cred Fac |
| 5/29/2008 | Sonic Automotive Inc | Own,op motor veh dealerships | 185 | BankAmerica | Rev Cred Fac |
| 5/28/2008 | Nordstrom Inc | Own,op apparel stores | 150 | BankAmerica | Rev Cred Fac |
| 5/23/2008 | LL Bean Inc | Own,op clothing stores,catalog | 150 | BankAmerica | Rev Cred Fac |
| 5/22/2008 | JM Family Enterprises Inc | Own,op car dealerships | 400 | Wachovia Bank NA SunTrust Banks | Term Loan A |
| 5/21/2008 | Cokem International | Entertainment Software Wholesa | 45 | PNC Bank Corp | Rev Cred Fac |
| 5/21/2008 | Ruby Tuesday Inc | Own,op restaurants | 539 | BankAmerica | Rev Cred Fac |
| 5/21/2008 | Ruby Tuesday Inc | Own,op restaurants | 539 | BankAmerica | Rev Cred Fac |
| 5/16/2008 | Foot Locker Inc | Ret athletic footwear,apparel | 175 | BankAmerica JP Morgan | Rev Cred Fac |
| 5/14/2008 | GSI Commerce Inc | Pvd ecommerce retail svcs | 15 | PNC Bank Corp | Rev Cred Fac |
| 5/14/2008 | Wawa Inc | Own,op grocery store | 375 | PNC Bank Corp | Rev Cred Fac |
US Retail
| Bookrunner | 1/1/2008 - 6/16/2008 (US$ Mil) | Rank | 1/1/2007 - 6/16/2007 (US$ Mil) | Rank |
|---|---|---|---|---|
| Citi | 4002.6 | 1 | 2909.1 | 3 |
| Banc of America Securities LLC | 2614.5 | 2 | 2742.1 | 4 |
| Lehman Brothers | 1709.4 | 3 | 2978.8 | 2 |
| RBS | 1330 | 4 | 425 | 10 |
| JP Morgan | 1189.1 | 5 | 6156.8 | 1 |
| Goldman Sachs & Co | 1035.8 | 6 | 1724.3 | 5 |
| Barclays Capital | 628.8 | 7 | 199.5 | 13 |
| Credit Suisse | 623.3 | 8 | 386.7 | 11 |
| Merrill Lynch | 561.4 | 9* | 105.9 | 14 |
| Morgan Stanley | 561.4 | 9* | 1300.6 | 7 |
| Industry Total | 15215.4 | - | 22939.7 | - |
Recent Global Equity Deals in Retail
| Issue Date | Issuer | Principal Amt - sum of all Mkts ($ mil) | Offer Price | 06/16/08 Price | Gross Spread as % of Prncpl Amt - in this Mkt | Bookrunner(s) | IPO Flag (Y/N) |
|---|---|---|---|---|---|---|---|
| 6/09/2008 | Cervus LP | 19.5 | 25 | 23.421 | 5 | Wellington West Capital Inc | No |
| 6/05/2008 | Little Sheep Group Limited | 99.9 | 3.18 | 0.394 | 3 | Deutsche Bank Asia Merrill Lynch Intl (Asia) | Yes |
| 6/05/2008 | Little Sheep Group Limited | 99.9 | 3.18 | 0.394 | 3 | Deutsche Bank Asia Merrill Lynch Intl (Asia) | Yes |
| 6/04/2008 | Toutabo SARL | 0 | 1.17 | 1.81 | na | Euroland Finance | Yes |
| 6/03/2008 | Synnex (Thailand) PCL | 16.1 | 2.9 | na | Capital Nomura Securities | Yes | |
| 6/03/2008 | Synnex (Thailand) PCL | 16.1 | 2.9 | na | Capital Nomura Securities | Yes | |
| 5/28/2008 | Bic Camera Inc | 175.6 | 75460.00 | 654.475 | 5.102 | Nikko Citigroup Ltd | No |
| 5/27/2008 | Coffeeheaven Intl PLC | 7 | 0.3 | 0.775 | na | Shore Capital Group | No |
| 5/21/2008 | Siamgas & Petrochemicals PCL | 70.5 | 8 | 0.224 | na | KTB Securities Co Ltd | Yes |
| 5/16/2008 | Premier Marketing PCL | 20.7 | 3.1 | 0.065 | na | Bualuang Securities Co Ltd | Yes |
| 5/16/2008 | Titan Machinery Inc | 84 | 20 | 30.96 | 5.25 | Craig-Hallum, Inc. Robert W Baird & Co Inc | No |
| 5/15/2008 | Joyoung Co Ltd | 216.2 | 22.54 | 5.486 | na | Guotai Junan Securities | Yes |
| 5/06/2008 | X5 Retail Group NV | 1181.70 | 21.32 | na | Citi Goldman Sachs & Co Alfa Bank | No | |
| 5/06/2008 | X5 Retail Group NV | 1181.70 | 35 | na | Citi Goldman Sachs & Co Alfa Bank | No | |
| 5/05/2008 | Burger King Holdings Inc | 412.5 | 27.5 | 28.74 | na | Goldman Sachs & Co | No |
Recently Announced Global M&A Deals in Retailing
| Date Announced | Target Name | Target Nation | Acquiror Name | Acquiror Nation | Value of Transaction ($mil) |
|---|---|---|---|---|---|
| 6/16/2008 | Honda Cars Yokohamashigashi-KB | Japan | Honda Clio Kyoritsu | Japan | |
| 6/13/2008 | Clockwise | Spain | Investor Group | Spain | 1.307 |
| 6/12/2008 | American Polysteel LLC | United States | Arxx Building Products Inc | Canada | |
| 6/12/2008 | Burger King Restaurants(4) | United States | CH James Restaurant Holdings | United States | |
| 6/12/2008 | Lapin House Stavros | Greece | Elmec Sport SA | Greece | 130.468 |
| 6/12/2008 | MAB Auto Body Parts And Paint | South Africa | BASF Coating Services (Pty) | South Africa | |
| 6/12/2008 | Quiet Flight-Retail Operation | United States | Billabong International Ltd | Australia | |
| 6/11/2008 | Atmosphere Apparel | United Kingdom | Universal Music Group | United States | |
| 6/11/2008 | Harrington-Pharmacy Chain | United States | Hospital Bus Concepts Inc | United States | |
| 6/11/2008 | High Point Golf Club | United States | Skymark Holdings Inc | United States | |
| 6/11/2008 | Kurashino Design Inc | Japan | Nissen Holdings Co Ltd | Japan | |
| 6/10/2008 | Bestwork Corp | Japan | AMS Life Science Co Ltd | Japan | 1.118 |
| 6/10/2008 | Eight Estates Fine Wines LLC | United States | Investor Group | United States | |
| 6/10/2008 | Hair FX Australia Pty Ltd | Australia | Soda Brands Ltd | Australia | 0.837 |
| 6/10/2008 | Kistani Pty Ltd | Australia | Soda Brands Ltd | Australia | 0.406 |
Announced Global Retail M&A Deals
| Industry | 1/1/2008 - 12/31/2008 ($ Mil) | Deals | 1/1/2007 - 6/16/2007 ($ Mil) | Deals |
|---|---|---|---|---|
| Food & Beverage Retailing | 13267.4 | 247 | 18662.8 | 361 |
| Other Retailing | 4519.4 | 177 | 28981.4 | 212 |
| Computers & Electronics Retailing | 3808 | 63 | 1415.2 | 75 |
| Discount and Department Store Retailing | 3162.8 | 29 | 11678.8 | 47 |
| Automotive Retailing | 2026.7 | 74 | 780.5 | 105 |
| Apparel Retailing | 1327.5 | 51 | 7466.9 | 53 |
| Home Improvement Retailing | 651.1 | 36 | 1702.8 | 59 |
| Internet and Catalog Retailing | 530.5 | 52 | 1050.7 | 66 |
| Industry Total | 29293.4 | 729 | 71739 | 978 |
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