Bank Loan Report articles from May 2009

Bank Loan Report archives from May 2009

Bondholders Try to Wreck Chemtura's DIP.(News)(Chemtura Corporation and debtor-in-possession loan)
May 4, 2009... Byline: Richard Kellerhals Chemtura, a Middlebury, Conn.-based chemical company that filed for Chapter 11 on March 18, last week ran into some resistance from its senior unsecured bondholders while trying to obtain a $400 million...

100 Days, 100 Nights to Know a Market's Heart.(Editor's Note)
May 4, 2009... Byline: Carol J. Clouse While you were bombarded with analysis of President Obama's "first 100 days" last week, and by now have heard it, like, 100 times already, I'll bet you $100 none of this analysis mentioned the high yield loan and...

HY Market on the (Cautious) Rebound.(News)
May 4, 2009... Byline: Matthew Sheahan By some estimations, the high yield market is on the mend. New issues are pricing and spreads are tightening. But sources caution that the high yield market's rally does not signify a recovery, and more positive...

Source Interlink Files Chapter 11, Arranges $400M Exit.(Loan Market Buzz)
May 4, 2009... Byline: Editorial Staff Source Interlink, a Bonita Springs, Fla.-based magazine, CD and DVD distributor, has filed prepackaged Chapter 11 and arranged a $400 million exit loan with Citigroup and JPMorgan. The restructuring wipes out...

Merger Slump Hits Mid-Market.(News)
May 4, 2009... Byline: Joshua Hamerman, IDD The U.S. middle-market M&A arena, once thought to be more resilient in the face of downturns than its large-cap counterpart, is struggling mightily. According to data from Thomson Reuters and Robert W....

Secondary: I Can Drive 85.(News)
May 4, 2009... Byline: Richard Kellerhals Like the weather outside, the secondary leveraged loan market has warmed up. Prices have been climbing, and some say Markit's LCDX index, a secondary market barometer, will hit 85 by the end of the quarter. ...

Term Sheets.(Term Sheets)
May 4, 2009... Byline: Editorial Staff Amerigroup Corp. LOCATION: Virginia Beach, VA PACKAGE AMOUNT: $401.318 mil. ADMINISTRATIVE AGENT: Wachovia Bank SYNDICATION AGENT: Goldman Sachs BOOKRUNNER: Wachovia Bank; Goldman Sachs ...

Big Pharma's Mid-Market Influence.(News)
May 11, 2009... Byline: Jonathan Marino Perhaps the most notable cure to come out of big pharma during the past few months was the sector's affect on M&A, as three giant mergers, worth a combined $156 billion, seemed to kickstart the deal market in the...

Bondholders Push Back on Exchanges.(News)
May 11, 2009... Byline: Matthew Sheahan Unlike the kind you get at the barbershop, which tend to vary in quality, haircuts in the financial world never leave an investor looking good. Bondholders now face big losses through exchange offers being proposed...

Nalco Deal Trades in the Upper 90s.(News)
May 11, 2009... Byline: Richard Kellerhals The loan market continued to show signs of a thaw last week as a bank consortium syndicated a $750 million term loan B for Nalco, a Naperville, Ill.-based producer of chemicals used to treat water. The deal...

Going Backward, We Should Delete "Going Forward".(Editor's Note)
May 11, 2009... Byline: Carol J. Clouse Sometimes, a plane will crash. And the survivors will find themselves marooned on a mysterious island, with monsters made of black dust and a group of "others" with a diabolical, bug-eyed leader. And if you happen...

GSC Defaults on Term Loan; Libor Falls Below 1%.(Loan Market Buzz)
May 11, 2009... Byline: Editorial Staff GSC Group, a Florham Park, N.J.-based investment shop overseeing more than $18 billion in assets, has defaulted on its bank loan, according to Moody's Investors Service. GSC missed ascheduled payment on its term...

Market: Don't Stress Over Stress Tests.(News)
May 11, 2009... Byline: Richard Kellerhals Market participants say the leverage finance markets shouldn't stress about the government's stress tests. Though some say you shouldn't put away the medication just yet. Some market participants fret that...

Term Sheets.(Term Sheets)
May 11, 2009... Byline: Editorial Staff Amedisys LOCATION: Baton Rouge, LA PACKAGE AMOUNT: $100.0 mil. AMOUNT: $100.0 mil. ADMINISTRATIVE AGENT: Canadian Imperial Bank Commerce SYNDICATION AGENT: JP Morgan BOOKRUNNER: Canadian...

Will Chrysler Make Lenders Think Twice?(News)
May 18, 2009... Byline: Richard Kellerhals When the government bended a few well-established rules protecting Chrysler's lenders, market participants began to wonder if government involvement in restructuring the auto industry might put the breaks on...

DIPs and Amendments: The New Primary?(Editors Note)
May 18, 2009... Byline: Carol J. Clouse I snagged that headline straight from the title of a session at the Loan Syndications and Trading Association's "Navigating the Distressed Leveraged Loan Market" conference last Thursday. Interesting how things...

General Growth Ruling Could Hurt CMBS.(News)
May 18, 2009... Byline: Matthew Sheahan General Growth Properties, which about a month ago filed the largest real estate bankruptcy in U.S. history, has seen conflict and drama worthy of The Jerry Springer Show, which is also based in Chicago. The latest...

Harrah's Pays Banks In Bonds Instead of Cash.(News)
May 18, 2009... Byline: Richard Kellerhals Last month, when troubled Las Vegas-based Casino operator Harrah's Entertainment exchanged $5.5 billion in debt for $3.4 billion in new 10% notes due 2018, the banks that helped arrange the deal, JPMorgan and...

Leveraged Syndicate Chief Mauer Departs Citi For Icahn.(Loan Market Buzz)
May 18, 2009... Byline: Editorial Staff Citigroup's head of U.S. leveraged syndications, Michael Mauer, has left the firm. In November, Citi streamlined all leveraged finance syndications and origination under Mauer, after it let go a number of other...

Term Sheets.(Term Sheets)
May 18, 2009... Byline: Editorial Staff Hawaiian Telcom LOCATION: Honolulu, HI PACKAGE AMOUNT: $950.0 mil. ADMINISTRATIVE AGENT: Lehman Brothers SYNDICATION AGENT: JP Morgan DOCUMENTATION AGENT: CoBank ACB; Wachovia Bank ...

Could Too Many Falling Angels Become Demons for HY?(Viewpoint essay)
May 25, 2009... Byline: Carol J. Clouse While they don't quite live up to the dazzling cleverness of symbologist Robert Langdon in The Da Vinci Code and its Angels and Demons sequel-and really, who could?-a couple of UBS analysts, still very bright in...

PE Health Chains on The Ropes.(Angelo, Gordon and Co.)
May 25, 2009... Byline: -Kelly Holman, IDD There's an old adage about working out: "no pain, no gain." The same could be said of trendy New York fitness chain Crunch, which recently filed a prepackaged bankruptcy, as well as the overall health-club...