Bank Loan Report articles from November 2008

Bank Loan Report archives from November 2008

Credit Markets Bewitched By Endless Wave Of BWICs.(News)
November 3, 2008... Byline: Matthew Sheahan The loan market in October saw a flood of BWICs-bids wanted in competition-as sellers were forced to dispose of holdings quickly due to margin calls and triggers. While BWICs may not maximize value for sellers, they...

BDC To Barclays: Return Collateral Or Else.(News)
November 3, 2008... Byline: Richard Kellerhals Black Diamond Capital Management last week filed a lawsuit in a Manhattan court against Barclays, claiming the London banking giant did not return excess collateral Black Diamond put down as security on a total...

Settlement House Launches Product For Agent Banks.(News)
November 3, 2008... Byline: Richard Kellerhals Trade settlement house ACBS Loan Systems has created an online application to help agent banks track and record deal information. This could help bring down settlement times, a sought-after goal for market...

ABN AMRO MD Departs, Banks Pull JBS Deal.(Loan Market Buzz)
November 3, 2008... Byline: Richard Kellerhals Peter Klein, a managing director on ABN AMRO's loan trading desk, has left the firm. Emails to his ABN AMRO address bounced back, and his phone has been disconnected. It could not be determined when he left or...

NewOak Capital Grows Out Of Market Fissure.(news)(Company overview)
November 3, 2008... Byline: Gabrielle Stein The structured finance markets have not been spared by the deteriorating economic conditions. And firms that are dedicated to structured credit are looking to either shed assets from their deflated portfolios or, in...

Against The Grain: SCM Ups Its HY Bond Exposure.(News)
November 3, 2008... Byline: Matthew Sheahan At a time when many high yield funds are unwinding faster than a ball of yarn in a hurricane, SCM Advisors is actually increasing its exposure to junk bonds. The San Francisco-based firm is betting on a rebound in...

Term Sheets.(Term Sheets)
November 3, 2008... Byline: Editorial Bronco Drilling Co. LOCATION: Edmond, OK PACKAGE AMOUNT: $150 mil. AMOUNT: $150 mil. ADMINISTRATIVE AGENT: Fortis SYNDICATION AGENT: RBS; Prudential Ins Co of America DOCUMENTATION AGENT: CIT...

Market: Time To Pull Mark-To-Market Triggers.
November 3, 2008... Byline: Richard Kellerhals As billions in high yield loan and bond portfolios liquidate, some market participants say the industry should do away with mark-to-market triggers-the root cause of the forced selling-in debt vehicles like CLOs,...

Why Financial Markets Shouldn't Fear Obama.(Editor's Note)
November 10, 2008... Byline: Carol J. Clouse I cannot tell a lie-I did my fair share of dancing in the streets last Tuesday night. Something, along with my general tendency toward optimism, that I should disclose before I say what I have to say here. I...

Bankers' Caution Is A Boon For Asset-Based Lenders.(News)
November 10, 2008... Byline: Marissa Fait With the credit crisis persisting and the economy floundering in its home state of Michigan, the $150 million-asset Clarkston State Bank is wary of booking new loans, even for longtime customers. But it also wants...

More Banks Eye Hybrid ABL Structures.(News)
November 10, 2008... Byline: Richard Kellerhals A growing number of banks are providing hybrid facilities that combine asset-based loans (ABL) with special purpose vehicles (SPV). These facilities, which multinational European companies have been using for...

Loan Market Sees No New Issues In October.(Loan Market Buzz)
November 10, 2008... Byline: Richard Kellerhals A lot of things happened in the month of October-the presidential debates, the term limit extension for New York's mayor, the merger of GM and Chrysler. But in the leveraged loan market, it's what didn't happen...

Investors Ready To Tap Precision Drilling Debt?(News)
November 10, 2008... Byline: Richard Kellerhals After more than a month-long drought, with no new leveraged loan deals over $100 million and only one new high yield bond issue, investors finally have a deal to act on-if they are willing. A bank consortium last...

Bankruptcy's New Dance-Hard To Get DIPped, Find Exit.(News)
November 17, 2008... Byline: Richard Kellerhals As if a company on the brink of bankruptcy didn't have enough to worry about, constrained bank balance sheets and reduced risk tolerance are making it increasingly difficult for troubled companies to obtain...

Paulson Provides A Prozac Moment.(Editors Note)(Editorial)
November 17, 2008... Byline: Thomas Granahan I just might be starting to buy into all of this depression talk. Not a Depression, of course. With apologies to George Soros and John Whitehead, that idea remains ludicrous. I'm talking just plain depression....

Banks Set Terms For Precision TLB, Six Flags Loans Fall.(Loan Market Buzz)
November 17, 2008... Byline: Richard Kellerhals A bank consortium that arranged a $400 million term loan B for Precision Drilling, a Canadian oil and gas driller, established the OID at 90 and added a 3.25% Libor floor. Price talk is at Libor plus 500 bps. The...

Watch Hill's Knowlton Bullish On Boutiques.(News)
November 17, 2008... Byline: Matthew Sheahan David Knowlton co-founded boutique investment bank Watch Hill Partners in 2003, after years managing relationships with financial sponsors and their portfolio companies as co-head of First Union Securities'...

ABS Market Greets Paulson Plan Skeptically.(News)
November 17, 2008... Byline: Gabrielle Stein With economic conditions worsening, the U.S. government has stepped up its bailout efforts-doling out $250 billion allotted under the Emergency Economic Stabilization Act (EESA) for equity investments in financial...

RBC To Shop Aquilex Facility.(News)
November 24, 2008... Byline: Richard Kellerhals In the coming weeks, the Royal Bank of Canada will market a $357 million credit facility for Atlanta-based Aquilex Holdings, sources said. The breakdown of the debt could not be determined, and calls to...

Companies Eye More Buybacks As Debt Prices Fall.(News)
November 24, 2008... Byline: Richard Kellerhals There seems to be a new motto among corporate borrowers: when the going gets tough, the tough buy back their debt. In other words, so much bank debt is trading at historically low levels, many issuers are...

Euro Refunding Needs Rise With Volatility.(News)
November 24, 2008... Byline: Matthew Sheahan European debt maturities and defaults are set to rise along with those in the U.S. And while volatility in the marketplace will make both the U.S. and Europe challenging environments, Europe faces a particularly...

Harrah's Offers Bondholders Tough Exchange.(News)
November 24, 2008... Byline: Matthew Sheahan The powers that used to run casinos were once Godfather types who made offers their business partners couldn't refuse. Today, casino companies are making debt exchange offers that bondholders can't really refuse,...

Credit Suisse, Wells Fargo Cancel Global Tel*Link Deal.(Loan Market Buzz)(Company overview)
November 24, 2008... Byline: Richard Kellerhals Credit Suisse and Wells Fargo last week shanked a $235 million credit facility for Global Tel*Link, a company that provides the phones inmates use in jail. The facility consisted of a $210 million term loan A and...

Term Sheets.(Term Sheets)
November 24, 2008... Byline: Carol J. Clouse AM Castle & Co LOCATION: Franklin Park, IL PACKAGE AMOUNT: $235 mil. AMOUNT: $235 mil. ADMINISTRATIVE AGENT: BankAmerica SYNDICATION AGENT: JP Morgan BOOKRUNNER: BankAmerica Corp; JP...