Bank Loan Report articles from April 2009

Bank Loan Report archives from April 2009

More Liquidations To Hit CLO Market?(News)
April 6, 2009... Byline: Richard Kellerhals The CLO market has had dark clouds overhead since the credit storm began, and occasionally there have been downpours of liquidations and forced selling. As the storm lingers, market participants differ on their...

Charter, Agent Bank Battle It Out In Court.(News)
April 6, 2009... Byline: Richard Kellerhals Recently, some bankrupt companies have been spending a lot of time in court battling creditors, and even, in one instance, private equity owners. Now, Charter Communications, a St. Louis-based cable television...

Some Covenants Don't Go Changing.(News)
April 6, 2009... Byline: Matthew Sheahan Tougher times call for tougher covenants, or maybe not. An examination of covenants on new deals this year shows that issuers can get away with using the bubble-era covenant structures from a few years ago, if...

G-20 Governments to Bail Out Sagging Porn Industries.(Editor's Note)
April 6, 2009... Byline: Carol J. Clouse Not really. You fell for my blatant attention grabber of a headline. Not that saving porn star jobs couldn't serve as a uniting issue, in an off-the-record kind of way. But I digress. Last week, in the midst of...

Waivers Dominate Europe in Q1; Same For Q2.(News)
April 6, 2009... Byline: Savita Iyer-Ahrestani Senior debt club deals do not a true leveraged loan market make. But in the first quarter of 2009, a sprinkling of these deals-like a a[logical not]275 million loan underwritten by BNP Paribas, Intesa Sanpolo...

Citibank Veterans Land At North Sea Advisors.(Loan Market Buzz)
April 6, 2009... Byline: Editorial Staff North Sea Advisors, a leveraged finance advisory firm recently founded by Citibank loan veterans Mickey Brennan and Jon Calder, has added four leveraged finance professionals, including a couple of former Citi...

TermSheets.(Term Sheets)
April 6, 2009... Byline: Editorial AmeriGas Propane LOCATION: King of Prussia, PA PACKAGE AMOUNT: $50.0 mil. AMOUNT: $50.0 mil. ADMINISTRATIVE AGENT: Wachovia Bank SYNDICATION AGENT: Citizens Bank BOOKRUNNER: Wachovia Bank ...

Don't Tell My Husband ... Homeownership Is Dead.(Editor's Note)
April 13, 2009... Byline: Carol J. Clouse My husband cannot stand renting. He grew up in the Basque Country in the north of Spain, a country where people have been known to live with their parents until age 30. This isn't necessarily because they like their...

Market Considers Forward Start Facilities.(News)
April 13, 2009... Byline: Richard Kellerhals Borrowers with debt maturities fast approaching may have a new card they can play. "Forward start" facilities, a type of credit facility that originated Europe, are crossing the Atlantic bound for the U.S....

Stimulus Shines Spotlight On Infrastructure PE.(News)
April 13, 2009... Byline: Avram Davis, MAJ In October 2008, Doug Dossey and Matthew Katz of FdG Associates were considering the acquisition of Pittsburgh heavy construction and demolition contractor Joseph B. Fay Co. Dossey knew that the company was an...

MGM Seeks $750M Term Loan From PE Firm.(Loan Market Buzz)
April 13, 2009... Byline: Editorial Staff Casino operator MGM Mirage, which in the last 30 dayshas beenhit with a lawsuit and offered up its casinos as collateral to eliminate debt, is reportedly in talks with private equity firm Colony Capital about...

Please Pass The Salt; Investors May Taste Morton Debt.(News)
April 13, 2009... Byline: Richard Kellerhals In Roman times, salt was so precious it was used as cash. (Hence the word salary, sal being the Latin word for salt.) If that were still the case, Morton Salt probably wouldn't be selling itself to the Germans....

Timing Refinancing May Lead To Disaster.(News)
April 13, 2009... Byline: Matthew Sheahan With the high yield bond and loan markets facing a wave of maturities in the coming years, the issue of refinancing is on the minds of CEOs. The going conventional wisdom right now is that things can always get...

Term Sheets.(Term Sheets)
April 13, 2009... Byline: Editorial Staff American Commercial Lines LOCATION: Jeffersonville, IN PACKAGE AMOUNT: $475.0 mil. AMOUNT: $475.0 mil. ADMINISTRATIVE AGENT: Wells Fargo Bank SYNDICATION AGENT: BankAmerica; JP Morgan ...

Market Sees Danger In Glut Of CCCs.(News)
April 20, 2009... Byline: Matthew Sheahan The abundance of companies in the CCC category is a general cause of concern for the high yield market, especially in a time of recession. While being a sign of tough times and presenting increased refinancing risk,...

Ch-Ch-Changes, Turn And Face The Lenders.(News)(change-of-control covenants)
April 20, 2009... Byline: Richard Kellerhals Change-of-control covenants have been around since the Reagan administration. And recently, lenders have been telling junk and high-grade companies-the latter a group of borrowers that has not historically had to...

New Deals, Better Technicals Help Boost Loan Market.(News)
April 20, 2009... Byline: Richard Kellerhals While it may not be a curefor the loan market's ills, Express Scripts' $4.7 billion purchase of WellPoint's pharmacy-benefit management unit, NextRx, along with the anticipation of several other deals, helped...

High Yield And High Hopes.(Editor's Note)
April 20, 2009... Byline: Matthew Sheahan I couldn't believe my eyes when I looked at the forward high yield calendar last week. HCA, which was on the calendar to price $500 million in high yield bonds, had upped its target to $1 billion. Later, I was...

ICE Secures $775 Million Facility From BofA, Wachovia.(Loan Market Buzz)
April 20, 2009... Byline: Editorial Staff IntercontinentalExchange, a New York-based operator of global futures exchanges, credit derivatives and various over-the-counter commodity markets, including agriculture and energy, has secured a $775 million credit...

Funds' Goal: Help Banks Fix Commercial Portfolio.(Mezzanine)
April 20, 2009... Byline: Katie Kuehner-Hebert, American Banker In response to concerns that the recession could further damage businesses, some investors are seeking ways to help banks reduce their exposure to commercial loans. Private-equity firms...

Financial Crisis Brings Out Inner Entrepreneur.(News)
April 20, 2009... Byline: Carol J. Clouse Jon Calder wouldn't necessarily label himself a born entrepreneur. "I worked at Citigroup for 25 years, so if the gene was in there, it was recessive," the well-known leveraged finance veteran quipped. But just...

Term Sheets.(Term Sheets)
April 20, 2009... Byline: Editorial Staff American Tower Corp. LOCATION: Boston, MA PACKAGE AMOUNT: $1,250.0 mil. AMOUNT: $1,250.0 mil. ADMINISTRATIVE AGENT: Toronto-Dominion Bank SYNDICATION AGENT: JP Morgan DOCUMENTATION AGENT:...

Higher-Grade Companies Looking To ABLs.(News)
April 27, 2009... Byline: Richard Kellerhals An increasing number of fallen angels and companies that are borderline investment-grade are using asset-backed loans-a facility prevalent among lower-rated high yield companies-to secure the financing they need...

Knowing When Not To Hold 'Em.(Editors Note)
April 27, 2009... Byline: Matthew Sheahan A wise man once said, "You've got to know when to hold 'em, know when to fold 'em, know when to walk away, know when to run." Unfortunately, Kenny Rogers was not consulted in our government's bank bailout effort, so...

They DIP, They Exit, They Amend...(Loan Market Buzz)
April 27, 2009... Byline: Editorial Staff Price talk has been established on a $375 million debtor-in-possession loan for Chicago-based mall operator General GrowthProperties, which filed for Chapter 11 on April 16. Talk is at Libor plus 1,200 bps, with a...

BofA Launches Michael Foods Deal.(News)
April 27, 2009... Byline: Richard Kellerhals Bank of America is shopping a $625 million credit facility for Michael Foods. The facility consists of a $275 million term loan B, a $275 million term loan A and a $75 million revolver. Price talk on the term...

On Target? Ackman Sets Dream Team.(News)(Pershing Square Capital Management's Bill Ackman on Target Corporation)
April 27, 2009... Byline: Gerelyn Terzo, IDD If you ask Bill Ackman, he'll tell you there is no battle going on between him and the management team at discount retailer Target. Indeed, Ackman almost suggests that he and Target's chieftains exist...

Term Sheets.(Term Sheets)
April 27, 2009... Byline: Editorial Alamo Group LOCATION: Seguin, TX PACKAGE AMOUNT: $125.0 mil. AMOUNT: $125.0 mil. ADMINISTRATIVE AGENT: BankAmerica BOOKRUNNER: BankAmerica Corp OTHER LENDERS: BankAmerica; JP Morgan; Guaranty...

For Wolverine, Tenacity Wins The Game.(News)(Wolverine Tube)
April 27, 2009... Byline: Matthew Sheahan Though small, the wolverine is tenacious and powerful for its size. While it is only about as big as a cocker spaniel, a wolverine has been known to kill prey as large as moose. That kind of tenacity came into play...