Bank Loan Report articles from August 2003

Bank Loan Report archives from August 2003

FirstEnergy's Troubles Are Looming And Utilities Look Shaky.
August 4, 2003... FirstEnergy postponed the reopening of its Davis-Besse nuclear plant last week, a move that put pressure on its Baa2/BBB rating (now only two notches above investment grade) and its banks, which must renegotiate the company's $1 billion...

Repricing Flood Boosts Loan Market: Many Issuers Look to Improve Poorly-Dealt Hands.
August 4, 2003... A seemingly endless wave of companies attempting to reprice institutional loans in order to get better pricing from a healthy market is creating record conditions in the syndicated loan market. The volume of repriced loans hit an all-time...

Stern Moves To Stroock & Stroock.
August 4, 2003... Securitization has been a boon to banks looking to manage their loan exposures and free up capital, and Jeffrey Stern has played a significant role in the development of that market over the last 10 years. One of Stern's specialties, the...

In Active Market, Investment Grade Deals Might Have a Tougher Time Getting Syndicated than Leveraged Loans.
August 4, 2003... Thus far into the year, the loan market has been busy with refinancings. There has been more than enough demand for such transactions, but over the past few weeks, banks have unveiled some jumbo deals that are likely to challenge market...

Foamex Better Jump While Window is Still Open.(possible debt refinancing by Foamex International)
August 11, 2003... The hot syndicated loan market, which has recently allowed even the more speculative companies to secure refinancing at improved terms (see Dom, p. 2), looks like it's starting to back up, some analysts say. If that is indeed the case, then...

Another Suit Filed Against Enron Bankers.(charges of covering up financial condition)
August 11, 2003... Another suit recently filed against Enron's primary bankers accuses them of duplicitously soliciting other lenders, even though they knew from their structured finance activities with the company that the public financial information investors...

Katonah Gets Kohlberg A Grip On CDOs.(collateralized debt obligations managed by Katonah Capital L.L.C.)
August 11, 2003... Question: How do you move into a new asset class yet maintain control over your own investment decisions? Answer: Set up your own asset management firm and hire a seasoned professional to run it on your behalf. That's exactly what...

Del Monte Tests Leaner Terms On Capital-Fat Syndicated Loan Investors.
August 11, 2003... Del Monte's administration agent, Bank of America, sent out feelers last week to test lenders' reaction to an alleged 75 basis point drop in pricing and a waiver of the existing call protection - an additional step viewed as excessive by...

Top Bank Analysts Foresee Tepid Syndication Market.
August 18, 2003... Nonperforming loans are down, credit quality is up and the economy is showing consistent signs of improvement - three factors that would typically point to increased business in the loan syndication market. Not so fast. Structural changes...

NRTC Settlement May Cost Pegasus Refi.(National Rural Telecommunications Cooperative, Pegasus Communications )
August 18, 2003... Last Monday, DIRECTV announced that it has entered into a settlement agreement with the National Rural Telecommunications Cooperative (NRTC), and one of the agreement's terms became the subject of a much-heated discussion in the high yield...

Bankruptcy World Turned Upside Down.
August 18, 2003... The traditional hierarchy of bankruptcy categories is being turned topsy-turvy by settlements such as a recent $750 million payment levied against the bankrupt WorldCom for civil fraud charges - an arrangement that is rewarding lowly...

Dex Media Injects New Money and Enthusiasm Into The Loan Market.
August 18, 2003... Refinancings and repricings have dominated leveraged loan market activity for the past few months, so it's no small wonder that market participants were more than eager for the Dex Media West (BB-/Ba3) LBO financing. The much-anticipated deal...

We are sorry.(Brief Article)
August 18, 2003... Due to the power outage last Thursday Aug. 14, we were unable to get Bank Loan Report to press on time for its deadline. We apologize for the delay. Also, BLR will not be published on Monday Aug. 25 and Monday Sept. 1., due to our summer...