Bank Loan Report articles from January 2009

Bank Loan Report archives from January 2009

Investors To Rating Agencies: Rate The Middlemen.
January 5, 2009... Byline: Richard Kellerhals In the wake of the investment banking collapse and with Citigroup faltering, leveraged loan and high yield bond investors are concerned about how a broken-down middleman, or agent bank, could affect the deals in...

Lev Finance Market Awaits New Players.(News)
January 5, 2009... Byline: Matthew Sheahan According to the wisdom of Bud Abbott and Lou Costello, What is on second base (Who's on first and I Don't Know is playing third; Tomorrow is pitching). With trading levels thin and prices extremely low, market...

Due Diligence Challenges in Today's Financial MarketBy Kevin Kaden.(News)
January 5, 2009... Byline: Kevin Kaden In today's precarious financial market, it is no surprise that the number of mergers and acquisitions has significantly declined. Understandably, buyers and lenders have become more cautious, patient and selective, but...

Resolved: Stop All This Depression Talk.
January 5, 2009... Byline: Carol J. Clouse I've always loved the start of a new year. A new year fills me with that warm, fuzzy "fresh start" sensation-for a few sweet weeks, I believe that all those things I didn't accomplish the year before will be done....

2008 League Tables Illustrate Credit Freeze 2008: Global High Yield Corporate Debt 2008: Global Leveraged Loans.
January 5, 2009... Byline: Matthew Sheahan 1/1/2008-12/31/2008 1/1/2007-12/31/2007 Volume Mkt. Number of Volume Mkt. Number of Financial Advisor ($mil) Rank Share Issues ($mil) Rank Share Issues JP Morgan 7,749.3 1 20.4 45 23,867.8 1 14.4 85 ...

Has The LCDX Cried Bottom Or Wolf?(loan market )
January 5, 2009... Byline: Richard Kellerhals More than two weeks ago, on Dec. 19, the Markit LCDX Index hit 77.46, increasing more than five points from five days earlier, when the index hit its lowest point ever at 72.68. Since then, the LCDX has...

Term Sheets.
January 5, 2009... Byline: Carol J. Clouse AEP Industries LOCATION: South Hackensack, NJ PACKAGE AMOUNT: $150 mil. AMOUNT: $150 mil. ADMINISTRATIVE AGENT: Wachovia Bank DOCUMENTATION AGENT: GECC Capital Markets Group; BankAmerica ...

LyondellBasell Files For Chapter 11.(News)
January 12, 2009... Byline: Richard Kellerhals Dutch chemical maker LyondellBasell has filed for Chapter 11 bankruptcy protection for its U.S. operations and one of its European holding companies. The Jan. 6 filingcame two days after interest and fees were...

Dual Tranche Deals Come Out Of The CLOset.(News)
January 12, 2009... Byline: Richard Kellerhals To combat a CLO market frozen stiff by a lack of new capital, price declines, and waning confidence, some firms are working on new CLO portfolio strategies to bring in business and keep current clients interested...

Not Halfway There, But Could It Be A Start?(Editorial)
January 12, 2009... Byline: Carol J. Clouse Gnarly readers, I beg your forgiveness in advance, but please do consider that I've been writing this column for nearly two years and have never once sunk to the depths of the Bon Jovi reference. But seeing as...

Europe's Distress: Deals Find No Shoppers.(News)
January 12, 2009... Byline: Savita Iyer-ahrestani With most credits trading at bargain prices, the new year brings with it a great time to shop for deals in the European leveraged loan market. This has been the case for some months, actually, and looking...

Margolies Leaves Merrill For The Buyside.(Loan Market Buzz)
January 12, 2009... Byline: Richard Kellerhals The former head of U.S. leveraged finance atMerrill Lynch has joined Ares Management. Greg Margolies is now a senior partner and head of the capital markets group for the Los Angeles-based alternative asset...

Market Sezz: Where's the Mezz?(News)
January 12, 2009... Byline: Danielle Fugazy Last year, more than $25 billion was raised by roughly 30 mezzanine providers, according to data from Thomson Reuters. While other lending sources have effectively dried up amid the credit crisis, one would think...

Junk Bonds May Beat Loans To A Rebound.(Editors Note)
January 19, 2009... Byline: Carol J. Clouse I wouldn't want to call this too early, but it looks like the high yield bond primary is poised for a quicker recovery than its loan counterpart. Certainly this suggestion comes with one hefty caveat-whether the...

Energy Sector Pays For Past Success.(News)
January 19, 2009... Byline: Matthew Sheahan The bigger they are, the harder they fall, and few sectors were as big as energy in the high yield bond and leveraged loan markets. Even as other sectors were looked upon like lepers last year, companies like Atlas...

Banks Arrange $1.5B HY Package For Entergy.(News)
January 19, 2009... Byline: Richard Kellerhals A bank consortium is arranging a $1.5 billion high yield debt package for Entergy that will be issued to "third-party investors," according to a Securities and Exchange Commission filing. BNP Paribas is...

As Economy Worsens, Euro CLOs Hibernate.(News)
January 19, 2009... Byline: Savita Iyer-ahrestani There's little doubt among market participants that in the tainted universe of structured finance, the collateralized loan obligation has the greatest chance of survival. The CLO structure is sound and robust,...

JPMorgan Bankers Jump Ship For Consultant Firm.(Loan Market Buzz)
January 19, 2009... Byline: Editorial Staff A team of bankers from JPMorgan has moved to Loughlin Meghji + Company as the New York-based distressed situations consultant launches a corporate finance group. The new hires, Charles Smith, Adam Sell and Sameer...

Market: No Recovery On Recovery Rates.(News)
January 19, 2009... Byline: Richard Kellerhals Those who believe in karma think that you get back what you give out. Unfortunately, in leveraged finance, what you get back may be just a sliver of what you gave, especially right now. Case in point, the...

Restructuring? Start Now And Bring A Safety Net.(Editor's Note)
January 26, 2009... Byline: Matthew Sheahan America has entered an era of renewal and repair. As a new Congress and president begin to reshape public policy, our financial institutions and companies are rebuilding. Whether you agree with his politics or not,...

Fresenius Nudges Open Euro HY Gate.(News)
January 26, 2009... Byline: Savita Iyer-Ahrestani Healthcare provider Fresenius's much-anticipated dual tranche high yield bond-the first high yield deal to hit Europe since July 2007-has injected a dose of optimism into an otherwise browbeaten market. ...

Lear Draws Down Its $1.3B Revolver.(Loan Market Buzz)
January 26, 2009... Byline: Editorial Staff Lear Corp., a Southfield, Mich.-based auto parts manufacturer, has drawn down its full $1.3 billion revolver and started talking to its bank group about an amendment and waiver for its $2.3 billion credit facility....

Healthy Companies Look To Those With Faint Pulse.(News)
January 26, 2009... Byline: Richard Kellerhals While the leveraged buyout market remains as lively as a morgue, the M&A market has seen some action from healthier companies acquiring others that are on their deathbed. Two examples of such transactions are...

Media Cos. Hit With Double Whammy.(News)
January 26, 2009... Byline: Carol J. Clouse If Lennon and McCartney were to write "A Day in the Life" today, they might need to change the words to, "I wanted to read the news today, oh boy, but my paper stopped coming." Certainly, the decline of the...