Bank Loan Report articles from August 2007

Bank Loan Report archives from August 2007

The $270B Question: Can Maturing Debt Refinance?
August 6, 2007... The current freeze on the credit market is not only giving chills to issuers trying to price new paper, but is also sending shivers down the spines of companies whose debt is soon to mature. Particularly at risk are the abundant numbers in the...

Mounting Debt Could Mean Opportunities For Some.
August 6, 2007... A top spot on the league tables generally qualifies as a good thing among investment banks. But with the candy comes the toothache, and these days the pain in the head, or elsewhere, takes the form of billions of dollars of unsyndicated debt...

Citi Arranges TRS CLO For INVESCO.
August 6, 2007... INVESCO Senior Secured Management (ISSM) plans to close a synthetic CLO early this month, referencing $500 million in high yield bank loans through a series of total return swaps. The deal, Hudson Canyon Loan Fund, is being arranged by Citi,...

TXU Gives Us Something To Talk About.
August 6, 2007... When Bonnie Raitt sang about giving them something to talk about, her answer was "How about love?" But the song for the $32 billion TXU deal could hardly be called a love ballad, though the lyrics - whether they come from local officials in...

Loan Market Lags Because Of Buyer Scarcity.
August 6, 2007... There was more of the same on the loan market last week, as the earlier liquidity wave officially slowed to a trickle. At least three small deals were launched and at least one was pulled as a result of unfavorable market conditions. And after...

UBS Snags Bear Stearns High Yield Pro; Calyon Hires For Debt Cap Markets.
August 6, 2007... UBS has tapped a senior high yield professional from Bear Stearns. William Wilson, a senior managing director in Bear's high yield group, joins UBS as a managing director in its leveraged finance capital markets division. His focus will be on...

Respect For The Close-Out Specialists.
August 6, 2007... Amid all the mayhem in the credit markets and fears of a meltdown, some rather large and savvy institutions are taking stakes in asset liquidation firms. Following a quiet deal last fall involving Goldman Sachs and Cerberus Capital Management,...

Sensata Up On Strong Competitive Position, Mitel Down On Recovery.
August 6, 2007... Moody's Investors Service last week upgraded Sensata Technologies' $1.5 billion senior secured credit facility to Ba3 from B1. The secured credit facility consists of a $150 million revolver, a $943 million term loan and a $526.6 million...

Investors Find Value In Loan Market, Especially Cov Lite.
August 13, 2007... If the leveraged loan market were to choose a quote to describe itself of late it might opt for: The rumors of my demise have been greatly exaggerated. While only a small number of new issues have squeaked through the primary in the last few...

Banks Help Home Builders With Covenants, For A Price.
August 13, 2007... The home building industry is seeing significant levels of covenant violations that cross ratings lines. And while widespread violations are not unusual for an industry in trouble, what makes the current climate disconcerting to analysts is...

Craston Sees Better Value For Europe.(dialogue with Matthew Craston of European Credit Management)(Interview)
August 13, 2007... Like most of his peers, Matthew Craston, co-head of leveraged loans at London-based investment management firm European Credit Management, believes that the recent downturn in the European loan market can only do some good. The frenzied...

Who Dictates The News? The Guy On The Phone.
August 13, 2007... Judging by press reports over the last several months, one would believe that the covenant-lite trend falls somewhere under the category of "things that are bad." Recently, however, another view has begun to emerge. With loan prices below...

CLO Market Slows For Much Needed R&R.
August 13, 2007... CLO market players will be more discerning about transactions in the second half of this year, according to panelists at a Loan Syndications and Trading Association seminar held in New York last Wednesday. The participants highlighted the...

How A Subprime Mortgage Meltdown Swamped Wall Street.
August 13, 2007... In the early days of August, mortgage lenders found that some of their most popular home loans - interest-only mortgages or mortgages for large properties known as jumbo loans - were not finding buyers on Wall Street, threatening to derail home...

Stolle Up On Bank Facilities, Blockbuster Down On Second Quarter Results.(Financial report)
August 13, 2007... Moody's Investors Service last week upgraded Stolle Machinery Co.'s $150 million senior secured bank credit facility to B1 from B2. The rating action followed the company's decision to cancel its first-lien term refinancing. Because of market...

One Way Or Another, LBO Firms May Help Clear Pipeline.
August 20, 2007... By hook or by crook, there's a lot of debt that has to be moved. Whether LBO firms and hedge funds go on a debt shopping spree or some of the larger LBO deals in the works give up the ghost, some of the debt that's in the pipeline right now may...

Are Buyers Bluffing On Killing Sallie Mae?
August 20, 2007... In the shadow of an unfriendly credit market, Sallie Mae shareholders approved a buyout last week that would add as much as $16.5 billion to the leveraged finance pipeline. But don't consider the deal closed just yet. In light of government...

AlixPartners: More Bankruptcies, Alternatives.(Interview)
August 20, 2007... With the current corporate credit crunch predicted to knock at least some companies with maturing debt out of the refinancing line, we at Bank Loan Report thought it would be an opportune time to talk about restructuring. We sat down with...

Meltdowns Fire Us Up This Cruel Summer.(Column)
August 20, 2007... Just hours ago, the newsroom I share with a dozen other journalists caught the mortgage meltdown fever. A Wall Street Journal story about a family that earns $90,000 taking on a mortgage of $567,000 set off the animated conversation, which soon...

REITs Fuel CDO Trouble at Taberna.
August 20, 2007... U.S. RMBS trouble is brewing for Bermuda-based Taberna Capital Management. The CDO manager, which has issued nine CDOs backed primarily by REITs since its inception in 2005, has been hit with a cluster of negative rating actions. The...

Ameristar Down on Debt, Movie Gallery May Not Pay.
August 20, 2007... Standard & Poor's last week cut Ameristar Casinos' senior secured credit facility to BB+ from BBB-. The rating action follows the company's announcement that it will increase its existing revolving credit facility by $550 million to $1.35...