Bank Loan Report articles from November 2007

Bank Loan Report archives from November 2007

Will Hedge Funds Cut Out The Middleman?
November 5, 2007... With investment banks still suffering from credit market flu, flush private equity firms could hunt down other sources of financing for their leveraged buyouts, with hedge funds being the most obvious candidate. Witness the case of...

New Bankruptcy Regs Help Creditors.(Rule 3007-ammenment to the new bankruptcy rules)
November 5, 2007... Distressed companies can run for the protection of Chapter 11 bankruptcy, but they soon won't be able to hide from creditors when it's time to object to claims. New rules that take effect Dec. 1 will make it easier for creditors of bankrupt...

Picus Capital: Not Deserting Euro Loans.
November 5, 2007... Like all participants in the European loan market, Picus Capital, a London-based hedge fund manager, has not had an easy time during the past few months. But thanks to the conservative, long-term investment philosophy of its Picus Venator Fund,...

Loan Market Buzz: Investors Eye CommScope, Lehman Bros. Intros Opportunity Fund.
November 5, 2007... Commitments are due next week on the Bank of America-led $2.5 billion deal for communications cable manufacturer CommScope, sources said. The credit facility consists of a $2.1 billion term loan due 2014 and a $400 million revolver due 2013....

Investors, Bankers Get Boost From Technology.(financial products and technology applications)
November 5, 2007... Some market participants, both on the buy and sell sides, are benefiting from new technologies that help them buy and originate loan trades. Meanwhile, software developers are promoting these tools as a way to boost liquidity in the market and...

Rating Movers: Investors, Bankers Get Boost From Technology.
November 5, 2007... Some market participants, both on the buy and sell sides, are benefiting from new technologies that help them buy and originate loan trades. Meanwhile, software developers are promoting these tools as a way to boost liquidity in the market and...

A Big MAC at Wendy's? Smells Like Bank Strategy.
November 12, 2007... As three potential buyers compete to sink their teeth into fast food chain Wendy's International, among the factors influencing the price of their bids is a financing clause that would give the underwriting banks an "out" if the credit markets...

What Jitters? Alltel, Chrysler Launched.
November 12, 2007... If there is any indication that the panic felt on Wall Street after recent shake-ups at Merrill Lynch and Citigroup has not seeped into the loan market, it can be seen in the giant new debt packages for wireless carrier Alltel and for carmaker...

HSBC's Adeson: Next Stop U.S.A.(Kevin Adeson)(HSBC Inc. foreign operations)
November 12, 2007... London-based HSBC touts itself as "the world's local bank," and now the bank's leveraged finance division is looking to broaden its sphere as well. With a strong presence in Europe and a growing business in Asia, the group is now taking aim at...

Loan Market Buzz: Odd Structure Hits Market; No Love For Two Goldman Deals.
November 12, 2007... The loan market last week saw an unusual structure appear in a $1.7 billion second-lien term loan for Education Media and Publishing, a new company formed out of the acquisition of Riverdeep by Houghton Mifflin. The loan consists of a $600...

Corporate Defaults May Cause Bumps For CLOs.
November 12, 2007... When compared to the ABS CDO market, the CLO market has remained relatively intact, despite the liquidity dry-up in the corporate credit market this past summer and heightened concern about subprime RMBS contagion. But while new issuance...

DS Waters Up On Liquidity; Realogy Down On Housing Woes.
November 12, 2007... Standard & Poor's last week upgraded Atlanta-based DS Waters of America's credit facility to B+ from B-. DS Waters operates water cooler delivery services across the U.S. The credit facility consists of a $180 million term loan B due 2012 and a...

No Rest For The Worried: Credit Market Mess Grows.
November 19, 2007... Just when you thought it was safe to get back in the market. Bank write-downs and other bad news continued to hound the high yield loan and bond markets last week. The latest developments have kept investors away from primary high yield bond...

Secondary Falters As Fears Persist.(primary and secondary bank loan markets)
November 19, 2007... Two months ago, a popular schoolyard rib-first is worst, second is best-could have applied to the primary and secondary bank loan markets. Investors were picking up cheap deals on the secondary, while evading a turbulent primary. However, now...

Will Bank Reorganization Mitigate Losses?
November 19, 2007... In what seems like endless write-downs on subprime RMBS and ABS CDO holdings, banks have had to revaluate their positions in the structured finance market, which lately means personnel reorganizations. But not all market participants are...

Be Thankful: At Least You're Not A Turkey.
November 19, 2007... Remember the good old days, back in October? Yeah, the sweet times. Now, heading into the holidays, there seems little for the high yield bond market to be thankful for, not to mention the leveraged loan secondary. Consumer confidence is...

Loan Market Buzz: Leverage Causes Investors To Think Twice.
November 19, 2007... Deutsche Bank is shopping a $1.15 billion credit facility for APP Pharmaceuticals, according to a source close to the deal. APP is one of the newly formed companies emerging from the separation of Abraxis BioScience into two independents. "This...

Markit Takes Global Control With Index Acquisition.(International IndexCo. acquired by Markit Group Ltd.)
November 19, 2007... Aiming to create what it calls "a single family of global indices," Markit has acquired International IndexCo and agreed to acquire CDS IndexCo in what will be the biggest and most important acquisition the company has made to date, according...

Rating Movers: Dollar Up On Fundamentals; Six Flags Sees Low Profits.
November 19, 2007... Moody's Investors Service last week upgraded the corporate credit rating and debt package for Berwyn, Pa.-based Dollar Financial. Dollar provides check cashing, consumer lending and other financial services. The corporate credit rating and the...

With Market Ailing, Investors Dissect Deals.(Earnings Before Interest, Taxes, Depreciation and Amortization)
November 26, 2007... While loan deals six months ago seemed to roll off an assembly line, investors are now slowing down the conveyer belt and putting each deal under the microscope. And the market is realizing the same truth that sometimes faces manufacturers:...

Euro High Yield On Hold Till 2008.
November 26, 2007... The conventional wisdom has been that the European high yield bond market would be in better shape than its loan market counterpart after the summer credit crisis. But even though both buy-side and sell-side participants expected it to be a...

Jeffrey Porphy Brings Ideas To Barclays.(Interview)
November 26, 2007... Jeffrey Porphy recently joined Barclays Capital as managing director and head of idea generation and transactional development for U.S. leveraged finance. He left Credit Suisse, where he had been for 14 years, to take the job, which comes with...

Editor's Note: When The Dog's Bite Is Worse Than Its Bark.
November 26, 2007... You know the couple. The perfect couple, the enviable couple, the loving, adoring, lustful couple who suddenly find themselves clawing and snarling their way through a dogfight of a divorce. At which point friends and family scratch their heads...

Loan Market Buzz: Chrysler Out Of Gas, Investors Eye Drug Companies.
November 26, 2007... The loan market made a pit stop last week as a JPMorgan-led deal for Chrysler Automotive ran out of gas. JPMorgan last week reportedly postponed the multi-billion dollar deal indefinitely. "I think the underwriters tried to see how much...

Moody's DCV Aims For Fair Value.
November 26, 2007... Price dislocation in the CDO market has not only halted new issuance but has made the value of existing CDO securities almost impossible to assess. In an effort to address these valuation issues, Moody's Investors Service's Wall Street...

Rating Movers: Mirant Up On Refi, Gainey Down On High Leverage.
November 26, 2007... Standard & Poor's last week upgraded a $1.5 billion credit facility for Atlanta-based electric company Mirant North America to BB from BB-. The debt package consists of an $800 million revolver due 2012 and a $700 million term loan B due 2013....