Barclays is standing tall in the world of debtor-in-possession financing this year, largely in part to a $1.45 billion DIP loan that the bank arranged for mortgage lender Residential Capital LLC (ResCap) earlier this year, the Wall Street Journal reported yesterday. Putting together the complex loan was possible because of Barclays’s banking business breadth and balance sheet depth, said Mark Shapiro, head of restructuring and financing at the British bank. His team worked intensely with folks on Barclays’s securitization, conduit financing, leveraged finance and equity analysis teams to dive into ResCap’s bankruptcy intricacies and seal the deal. Barclays was the sole provider of DIP financing in ResCap’s bankruptcy, which includes a $1.25 billion in term loan facilities and a $200 million revolver. The bank also emerged last month as the co-lead arranger of Patriot Coal Corp.’s $802 million DIP loan alongside Citigroup and Merrill Lynch, which pushed the amount of new money DIP financing provided by Barclays since January 2011 to $1.82 billion. Last year, Barclays was a joint lead in the $600 million DIP loan for NewPage Corp.
