Bank Loan Report articles from June 2009

Bank Loan Report archives from June 2009

The ABL Workout War: Banks vs. Investors.(News)
June 1, 2009... Byline: Richard Kellerhals New battle lines are being drawn in the increasingly conflictive world of bankruptcy workouts-this time between banks, or the traditional asset-backed lenders, and institutional investors. "In terms of...

The New Loan Market: High Yield Bonds.(Editors Note)
June 1, 2009... Byline: Carol J. Clouse It's not that we don't all love a good bank loan. They're so, you know, secure. (Or they should be.) But evidence is mounting that leveraged loans are also, like, sooooooo 2006. But you don't have to take my...

Market Revved up on Treasury's Plan for GM.(News)
June 1, 2009... Byline: Richard Kellerhals The leveraged loan market returned from Memorial Day weekend to some good news: The senior secured lenders to General Motors would get a full recovery on their loans to the auto maker. "It may help offset the...

Kirkland & Ellis Bulks Up M&A and Restructuring.(News)
June 1, 2009... Byline: Joshua Hamerman, IDD Although it is celebrating its centennial this year, Kirkland & Ellis still has some catching up to do. But it's well on its way. Kirkland recently hired M&A partners David Fox and Daniel Wolf from Skadden,...

Citi Shops $400M Term Loan for Rite Aid.(Loan Market Buzz)
June 1, 2009... Byline: Editorial Staff Citigroup is shopping a $400 million term loan B for Rite Aid, a Harrisburg, Pa.-based drug store chain operator. Price talk is at Libor plus 650 bps. It didn't take long for Rite Aid to secure the loan, after it...

Sunrise and Ong Bet on Bonds.(News)
June 1, 2009... Byline: Carol J. Clouse John Ong does not believe the leveraged loan market is coming back anytime soon. In fact, he and Sunrise Securities, the boutique investment bank he joined in May, are pretty much betting on it. The leveraged...

Credit Suisse, GE Ready Quebecor Exit Facility.(News)
June 1, 2009... Byline: Richard Kellerhals Credit Suisse, GE and Wachovia are shopping a $675 million credit facility for Quebecor World, a Quebec-based multinational printing company that entered bankruptcy protection in January 2008. The facility...

All Is Not Clear In This Debt Exchange.(News)
June 8, 2009... Byline: Kelly Holman, IDD When Bain Capital and Thomas H. Lee Partners closed their $24 billion acquisition of Clear Channel Communications in July of last year, the transaction could not have looked better. The two highly regarded...

Will Europe Embrace its Fallen Angels?(News)
June 8, 2009... Byline: Savita Iyer-Ahrestani In early May, Italian car manufacturer Fiat Group confirmed ongoing rumors that it planned to buy most of General Motors' European operations. At that time, European high yield sources said that the move would...

Fieldstone: New to Loans but No Newbie.(Fieldstone Capital Group)(Interview)
June 8, 2009... Byline: Carol J. Clouse When Jeff Glasse was gearing up to join Fieldstone Capital Group in the summer of 2008, to head up the firm's new leveraged loan trading effort, he and his colleagues expected that they'd be heading into a fairly...

GM, Chrysler and the Secured Loan MarketBy Steven Bavaria, DBRS.(Guest Commentary)
June 8, 2009... Byline: Steven Bavaria The leveraged loan market received a pleasant surprise recently when it was reported that secured lenders to General Motors were expected to be paid in full as part of GM's government-orchestrated bankruptcy. That...

HY Primary: I'm Back in Black.(News)
June 8, 2009... Byline: Matthew Sheahan Correction: The following chart ran in the June 1, 2009 issue of BLR with some errors. This is the correct chart. The U.S. primary market has come roaring back, for high yield bonds at least. But while market...

LCDX Three-Year Index Hits 90 as Prices Rise.(loan credit default swaps)
June 8, 2009... Byline: Carol J. Clouse Secondary loan prices, which have risen gradually over the last couple of months, saw an average last week they haven't seen in quite some time, according to one market barometer. The average price on the LCDX...

Hawaii Telecom Plan Converts $940M in Debt.(Loan Market Buzz)
June 8, 2009... Byline: Editorial Staff Bankrupt telecom service provider Hawaii Telecom filed a reorganization plan last week with a U.S. Bankruptcy Court that will covert $940 million in outstanding debt into equity in a reorganized company. The plan...

Distressed Debt Dry Powder Yet to Ignite.(News)
June 15, 2009... Byline: Matthew Sheahan There are signs that investors are gathering more capital for distressed debt investing, yet distressed investment seems to be lagging, even as the primary high yield market booms. Observers note that macroeconomic...

The HY Wham, Bam, Thank You, Ma'am.(Editor's Note)
June 15, 2009... Byline: Carol J. Clouse Don't get them wrong, high yield bond investors want the loving. After such a long drought, they're happy the new deals are coming, after all, they have needs too. It's just that... maybe if you banks could slow...

Moody's Downgrades Top-Rated CLOs.(Loan Market Buzz)
June 15, 2009... Byline: Editorial Staff Severaltop-rated CLOs managed by Invesco and Highland Capital Managementsaw their Aaa tranchesdowngraded by Moody's Investors Service last week. Moody's mostly downgraded the tranchesbetween one and four notches,...

Q&A: Jefferies Grows through the Market Pain.(News)
June 15, 2009... Byline: Matthew Sheahan Midmarket investment bank Jefferies has continued to grow in the wake of the i-bank shakeup that still reverberates through the financial markets. Robert Harteveldt joined Jefferies last summer after more than...

Reasons to Worry, or Not, About the 2013 Refi Cliff.(News)
June 15, 2009... Byline: Richard Kellerhals Being there when you need help is at the heart of countless love songs and even more insurance commercials. But if someone were to write a ballad about the future prospects of refinancing billions in leveraged...

Term Sheets.(Term Sheets)
June 15, 2009... Byline: Editorial Staff Beazer Homes USA LOCATION: Atlanta, GA PACKAGE AMOUNT: $500.0 mil. AMOUNT: $500.0 mil. ADMINISTRATIVE AGENT: Wachovia Bank SYNDICATION AGENT: Citi DOCUMENTATION AGENT: Guaranty Federal...

Lyondell Creditors Seek to Sue Banks, Blavatnik.(News)
June 22, 2009... Byline: Richard Kellerhals LyondellBasell's committee of unsecured creditors last week filed court documents in Manhattan, seeking the court's approval to sue lenders and affiliates of billionaire Len Blavatnik over the company's merger,...

Loan Market Is Summer's New Roller Coaster.(News)
June 22, 2009... Byline: Richard Kellerhals Managing a loan portfolio these days may feel like a roller coaster ride with no seatbelt. In the past six weeks, the car has been inching up the incline, along with secondary loan prices and the number of...

Six Flags Seeks DIP to Keep the Ride Going.(News)
June 22, 2009... Byline: Richard Kellerhals Theme park operator Six Flags, which filed for bankruptcy protection on July 13, is looking to obtain a debtor-in-possession loan to help fund its operations. The company has been working with JPMorgan to...

Movie Theaters Are HY Blockbusters.(News)
June 22, 2009... Byline: Matthew Sheahan It's not movie magic, but movie theater companies could not have scripted their most recent act on the high yield loan and bond markets better. While other companies that rely on consumer spending have seen their...

Bonds See Upsurge, But Will It Last? Global High Yield Corporate Debt - US Dollar Denominated.(News)
June 29, 2009... Byline: Matthew Sheahan New junk bonds are pricing again, and that alone makes the first half of 2009 a good six months. The second quarter in particular brought a big wave of new issues. Bankers and portfolio managers welcome the uptick...

BofA Shops QVC TL, JPM Readies Smithfield Facility.(News)
June 29, 2009... Byline: Richard Kellerhals Loan investors have two new deals to sink their teeth into. Last week, Bank of America began shopping a $500 million term loan B due 2015 for QVC, while JPMorgan arranged a $200 million term loan for Smithfield...

Loan Market to Cool Down as Summer Ends.(News)
June 29, 2009... Byline: Richard Kellerhals The leveraged loan market's mood at the half-year mark is warmer than it was at the end of 2008, but market participants nevertheless expect coolness to set in once again as summer ends and fall approaches. ...

Citi Vets Get Back into Lev Finance with StormHarbour.(Loan Market Buzz)
June 29, 2009... Byline: Staff Several former Citigroup executives, including a former managing director in Citi's European leveraged finance sales team, have formed StormHarbour Partners, a financial services firm that will focus on the capital markets...