Four months after launching a bank loan effort, Donaldson Lufkin & Jenrette is leading a $200 million credit for Thomas H. Lee Co.'s high- profile recapitalization of Rayovac Corp.

The deal makes Donaldson the first of three investment banks that entered the bank loan market this year to land a coveted lead lending assignment. The Wall Street firm is acting as documentation agent on the Lee loan while BankAmerica Corp. is administrative agent.

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