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Goldman Sachs ranks as top media debt adviser in H1'18

Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league tables data dispatches are now based on the new industry classification and are not comparable with 2017 and prior league table data dispatches.

Goldman Sachs & Co. LLC ranked as the top adviser on debt offerings in the media sector for the first half of the year, with a total of about $2.53 billion in deal credit from seven offerings, according to data compiled by S&P Global Market Intelligence.

The investment bank served as an underwriter on four offerings by Charter Communications Inc. subsidiaries Charter Communications Operating LLC and Charter Communications Operating Capital Corp. during the second quarter. Its advisory work earlier in the year included acting as a book manager on a $1.05 billion debt offering from Suddenlink Communications, a $1 billion offering from CSC Holdings LLC and a smaller offering from WMG Acquisition Corp.

RBC Capital Markets LLC came in second among media debt advisers, with about $1.66 billion in deal credit from eight offerings, including three large offerings from Comcast Corp. and a $1.4 billion offering from Meredith Corp. that the company used in part to pay for its acquisition of Time Inc.

Credit Suisse (USA) Inc. was at No. 3 on the media debt adviser ranking with about $1.34 billion in deal credit from seven offerings, the most recent of which was McClatchy Co.'s $310 million offering that closed in June.

In all, S&P Global Market Intelligence counted 32 debt offerings in the media sector as of July 5, with an aggregate value of $13.87 billion and an average size of $433.5 million, representing the largest offering values for the sector to date this year. There were also 40 common equity offerings from the media sector with an aggregate value of $809.6 million and an average size of $20.2 million, and four preferred equity offerings with an aggregate value of $679.9 million and an average size of $170 million.

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