Bankers Trust New York Corp. has taken another step into the one-stop shopping market, sole-managing a $115 million bond issue for Spinnaker Industries Inc., a Dallas maker of tapes and adhesive backs.

The bonds will refinance debt and provide capital for further acquisitions.

This is Spinnaker's second stop at Bankers Trust; the company led an $8.5 million bridge loan in April to refinance part of Spinnaker's $75 million acquisition of Central Products Co. from Alco Standard Corp.

The bond issue highlights Bankers Trust's strength in the high-yield arena, said Andrew Gilligan, a bond analyst at Bear, Stearns & Co. "Bankers Trust can go to these companies, offer them loans and debt underwriting capabilities. High-yield issuing and underwriting will become even more important to them, as revenues from derivatives have gone down."

Bankers Trust has issued $1.1 billion of high-yield bonds this year, third among commercial banks, behind Chase Manhattan Corp. and J.P. Morgan & Co., and 11th among all investment banks, according to Securities Data Co.

John Olert, a fixed-income analyst at Fitch Investors Service, said Bankers Trust has "the skills and the personnel to be competitive in the high-yield business. The addition of Wolfensohn & Co. for mergers and acquisitions complements the business."

The 10-year, senior secured notes were priced to yield 10.75%. Standard & Poor's gave the issue a "B" rating, while Moody's Investors Service gave it a matching "B3" rating.

Market sources said the issue was well oversubscribed, a testament to strong demand from investors for Spinnaker's debt.

Spinnaker is a subsidiary of Lynch Corp., a Connecticut-based manufacturer.

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BankAmerica Corp. came to market with two $250 million issues on Tuesday taking advantage of the low-interest and inflation rate environment. The first issue of five-year subordinated notes was priced at 99.157 to yield 7.218%, or a spread of 72 basis points over comparable Treasuries.

UBS Securities was the lead manager on the issue.

The second issue of three-year floating notes priced at par to yield 0.04% off of the three-month London Interbank offering rate.

BA Securities Inc. was the lead underwriter on the issue.

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