Bank Loan Report articles from August 2008

Bank Loan Report archives from August 2008

Banks Prep $1.6B Facility For Brocade.
August 4, 2008... Byline: Richard Kellerhals Bank of America and Morgan Stanley are arranging a $1.6 billion credit facility for San Jose, Calif.-based technology company Brocade Communications. The facility will consist of a $125 million revolver and as...

The Only Thing We Have To Fear Is ...(Editor's Note)
August 4, 2008... Byline: Carol J. Clouse Just about everyone has some sort of fear, rational or not, and I'll start right off by sharing my biggie: confined spaces. I have no memory of a dark closet incident, and I'm pretty positive I've never fallen down...

Banks Prep $2.4B Trans-Atlantic Facility for Fresenius.(Bank Market Buzz)
August 4, 2008... Byline: Richard Kellerhals A bank consortium is arranging a $2.4 billion credit facility for German health-care company Fresenius to help it finance its acquisition of U.S.-based APP Pharmaceuticals. The facility consists of an $850...

Banks Launch $1 Billion Loan For Manitowoc.
August 4, 2008... Byline: Richard Kellerhals A bank consortium last week began marketing a $1 billion term loan B for diversified equipment manufacturer Manitowoc, two days after the company reported strong second-quarter earnings. Price talk is at...

Peter Andersen: Debt From The Equity Side.(Interview)
August 4, 2008... Byline: Matthew Sheahan Peter Andersen recently rejoined Congress Asset Management after spending about a year and a half at Dreman Value Management. At Congress, he's resumed his focus on the firm's corporate recovery product, which he...

Changed Market Affects How The Raters Rate.
August 4, 2008... Byline: Matthew Sheahan The rating agencies have come under heavy fire for their ratings of structured products and mortgage-backed securities. And last week, the state of Connecticut filed a lawsuit against the parent companies of Moody's...

Prices On Visteon's Debt Make U-Turn.
August 4, 2008... Byline: Richard Kellarhals Visteon's debt last week pulled a uey and headed north on the secondary market, when debtholders reacted to the good news that the auto parts maker posted a narrower second-quarter loss than the second quarter of...

Disturbing In Hawthorne's Time, Disturbing Today.
August 11, 2008... The scenario: A New York banker cheats on his wife with a married woman in London. Five years later, after the affair has ended and been confessed, and the man has rebuilt his marital relationship, the London woman's now ex-husband launches an...

The Olympics: An Inflection Point In Leveraged Finance?By Richard Coons.
August 11, 2008... Many of us in leveraged finance will no doubt spend some time this month watching the 24/7 coverage of the Olympics in Beijing, especially as it appears that August may qualify as the slowest month the leveraged finance markets have seen in 18...

GE Launches Web Service Loan, Readies Another.
August 11, 2008... GE last week launched a $235 million term loan B for Web Service, a Redondo Beach, Calif.-based company that manufactures coin-operated laundry machines. Investors don't seem ready to pump their quarters into this deal though. "A deal like...

Can't Clone Cash: Banks Shop Debt For Bio Co.
August 11, 2008... Byline: Richard Kellerhals A bank consortium is arranging a $2.4 billion credit facility for Invitrogen, a Carlsbad, Calif.-based medical technologies company that makes kits for cloning genes and analyzing data. The debt will help fund...

Two Captains Leave Powerhouse JPMorgan.(Naseem Haffar has been retired)(John Abate also been retired)
August 11, 2008... Byline: Richard Kellerhals JPMorgan, a powerhouse in leveraged finance, has lost two captains on its loan desk. Naseem Haffar, head of sales, and John Abate, head of distressed securities and loan trading, have exited the firm at a time...

GE Launches Web Service Loan, Readies Another.
August 11, 2008... Byline: Richard Kellerhals GE last week launched a $235 million term loan B for Web Service, a Redondo Beach, Calif.-based company that manufactures coin-operated laundry machines. Investors don't seem ready to pump their quarters into...

GECF Rolls With The Changes In European Lev Finance.
August 11, 2008... Byline: Savita Iyer-Ahrestani When Tom Greco, a 13-year General Electric veteran took charge of GE Commercial Finance's European leveraged finance business in January, the firm was well on its way to becoming an important player in the...

Cha-Ching! Issuers Refinance With Pricey Debt.
August 11, 2008... Byline: Matthew Sheahan It's a mad, mad, mad, mad economic world, and the debt markets are now seeing companies exchanging less expensive high yield loans and bonds for new, more expensive bonds. While some say this effort is mostly bank...

Term Sheets.
August 11, 2008... Byline: Editorial Staff Ameren Corp. LOCATION: St Louis, MO PACKAGE AMOUNT: $300 mil. AMOUNT: $300 mil. ADMINISTRATIVE AGENT: JP Morgan BOOKRUNNER: JP Morgan OTHER LENDERS: JP Morgan; BNP Paribas TYPE: Term...

BofA, Scotia Ready $2.9B Facility For Chemical Co.
August 18, 2008... Bank of America and Scotia Capital are arranging a $2.9 billion credit facility for Ashland, a Covington, Ky.-based chemical company that makes resins, polymers and adhesives used in cars. The debt will help fund the company's $3.3 billion...

Labor Day Offers No Magic Remedy, Not This Year.
August 18, 2008... In past years, market participants have tended to look to September as a month of promise, a time when the markets come back from their summer holiday, tanned and jazzed for a busy fall. This year, not so much. "I'm not hearing about a lot...

Atkinson Leads RBC Charge Into Europe.(dialogue with Nick Atkinson, Royal Bank of Canada)(Interview)
August 18, 2008... In early March, RBC took a big step forward into a sagging European leveraged finance market, picking up where its peer CIBC left off and hiring the European leveraged finance team that CIBC had let go in December 2007. Under the direction...

Term Sheets.
August 18, 2008... Apria Healthcare Group LOCATION: Lake Forest, CA PACKAGE AMOUNT: $280 mil. AMOUNT: $280 mil. ADMINISTRATIVE AGENT: BankAmerica SYNDICATION AGENT: Barclays; Wachovia Bank BOOKRUNNER: BankAmerica Corp OTHER LENDERS: BankAmerica; Barclays;...

Midmarket Cos Pick Odd Time To Lever Up.
August 18, 2008... Byline: Richard Kellerhals Credit is tight, revenues are falling and prices are skyrocketing. Sounds like the perfect time to lever up, right? As crazy as that seems, that is exactly what some midmarket companies are doing. In March,...

Banks Launch $2.2B Facility For Fresenius.
August 18, 2008... Byline: Richard Kellerhals A bank consortium has launched a $2.2 billion credit facility for German health-care company Fresenius to help it finance its acquisition of U.S.-based APP Pharmaceuticals. The facility consists of a $900 million...