Bank Loan Report articles from December 2008

Bank Loan Report archives from December 2008

Things To Be Thankful For... No, Really.(Editor's Note)
December 1, 2008... Byline: Carol J. Clouse A year ago, I wrote a column highlighting, in honor of the Thanksgiving holiday, some reasons for our markets to be thankful. I mean, it all seemed so dreary then. Consumer and investor confidence down, high yield...

CS, Wachovia Finally Launch King Pharmaceuticals.(Loan Market Buzz)
December 1, 2008... Byline: Richard Kellerhals Credit Suisse and Wachovia last week launched a $300 million term loan for King Pharmaceuticals, a Bristol, Tenn.-based drug company. Price talk is at Libor plus 500 bps, with an OID of 96 and amortization that...

Markets Enter Era Of Private Equity Defaults.(News)
December 1, 2008... Byline: Matthew Sheahan As defaults rise, the portion of defaulting companies owned by private equity firms has increased substantially. And market observers expect it to increase further next year, as such companies will face a much...

A Raging Bull In Private Equity?(News)
December 1, 2008... Byline: Danielle Fugazy It's a clichA[c] traders love: buy low, sell high. For a two-year stretch starting in mid-2005, however, many private equity pros argued that great returns could be had through buying high as long as leverage was...

Firms Pick Up Structured/Distressed Pros.(News)
December 1, 2008... Byline: Jakema Lewis The fallout in the ABS and MBS markets has triggered the development of a new trend: structured finance professionals lending their expertise to asset management shops. Notably, institutional asset manager...

Sovereign Wealth Funds Invade Lev Finance Shores.(News)
December 1, 2008... Byline: Richard Kellerhals If Paul Revere were a leveraged loan or bond salesman, he'd probably say forget about the British (they're already here) and call out, "The entire world is coming!" Some sources say that the leveraged finance...

Restructuring Pro Sees 12 To 18 Months Of Hardship.(News)
December 8, 2008... Byline: Aleksandrs Rozens Brad Eric Scheler has been involved with restructurings for three decades, serving as counsel to both debtors and creditors. As the senior partner and chairman of Fried Frank's bankruptcy and restructuring...

Debt Holders Know When To Hold 'Em.(News)
December 8, 2008... Byline: Matthew Sheahan The stakes are high for companies and creditors alike as corporate issuers face off with their bondholders over exchanges. Two such companies, both in the gaming space, are Station Casinos, which is trying to avert...

Fraud And Loathing On Wall Street.(News)
December 8, 2008... Byline: Kelly Holman Companies accused of fraud are more than twice as likely to file for Chapter 11 as their more honest counterparts. And those already bankrupt are more than three times as likely to face accusations of fraud, according...

GMs Debt Holders Likely To Get Lemon.(Editor's Letter)
December 8, 2008... Byline: Carol J. Clouse I drove a Pontiac Fiero in the late 1980s. I was VERY young and didn't do much research on the products I bought, not that chatter about engine fires would have deterred me. That car was sweet. And red. And while it...

Sources: BofA Will Take On Merrill's Loans.(Loan Market Buzz)
December 8, 2008... Byline: Richard Kellerhals Source: Bank of America is expected to take over Merrill Lynch's entire leveraged loan book, including deals Merrill agented and underwrote, after it completes its merger with the former investment banking giant,...

No More Seeing Double, Banks Shop More Triple-B Debt.(News)
December 8, 2008... Byline: Richard Kellerhals If "green" is the new black, and 30 is the new 20, then triple-B rated companies are the new double-B in leveraged finance, some market participants say. As tacky as that may sound, several recent syndications...

Distressed Exchanges On The Rise.(News)
December 15, 2008... Byline: Aleksandrs Rozens Tight credit conditions and a slowing economy have prompted many companies to tell debt holders that they'll be getting less than 100 cents on the dollar, triggering what rating agencies refer to as a selective,...

That Which Does Not Kill Us...(Editor's Note)
December 15, 2008... Byline: Carol J. Clouse Finish the infamous Friedrich Nietzsche quote as you wish with regards to 2008 and the future of the high yield loan and bond markets. That which does not kill us...makes us more transparent....eliminates...

Restructuring Takes Center Stage In Europe.(News)
December 15, 2008... Byline: Savita Iyer-ahrestani Whether they're in the form of covenant waivers or significant changes to companies' debt structures, restructurings are the order of the day in the new economic environment and will be the centerpiece of the...

RBC Sets Price Talk On Aquilex TLA, TLB.(Loan Market Buzz)
December 15, 2008... Byline: Richard Kellerhals The Royal Bank of Canada last week established price talk on a $260 million credit facility for Atlanta-based Aquilex Corp. RBC began arranging the facility, which consists of a $50 million term loan A and a $210...

Market To 2008: What The @#%$!(News)
December 15, 2008... Byline: Matthew Sheahan, Richard Kellerhals The bear market has sent high yield bonds and leveraged loans into hibernation for the winter, which promises to be long and cold. Credit market bankers, investors and other observers can find...