Business Loan Express priced a $102 million offering backed by the non-government guaranteed portions of Small Business Association loans - dubbed SBA 7a loans - with WestLB making its debut as lead manager on a BLX transaction. Previously, Wachovia Securities had acted as lead, with WestLB filling the co-manager role.
The six-year triple-A rated notes cleared at 30 basis points over one-month Libor and the single-A rated class of the same duration hit at 80 points over Libor. Roughly $2 million in subordinate notes were retained by BLX. The offering was oversubscribed by multiples of issuance, said a banker at WestLB.