Bank Loan Report articles from September 2003

Bank Loan Report archives from September 2003

Energy Bellwethers Point To Brighter Sector Outlook.
September 8, 2003... Energy companies that struggled with their lenders over the last year to refinance debt appear to be experiencing a resurgence in lender appeal, suggesting banks were correct in assessing the companies' long-term viability, even if deal terms...

Blackout Excites Project Financiers, But...
September 8, 2003... The Blackout of 2003, which many have blamed upon the lack of communication between the utility companies and the operators of the power grid in the North Eastern part of the US, has resulted in heated debate and discussion among politicians,...

RBS Bucks European Trend, Beefs Up HY.(Royal Bank of Scotland, high yield)
September 8, 2003... Royal Bank of Scotland has been the source of much curiosity among European high yield investors and bankers alike. Less than two years after the firm exported one of its most successful European products to the US and established a new...

The Loan Market is Ready for Fresh Deals, But Where Are They?
September 8, 2003... The loan market opened up after the Labor Day weekend with the same request it has had all summer: More deals, please. Refinancings dominated the syndicated market through June, July and August, and although loan investors participated in...

Loan Funds Pull Cash In But Loan Calendar Still Weak.
September 15, 2003... After at least a year and a half of capital outflows, funds investing in bank debt turned the corner in June and July in a trend that appears likely to continue in a higher interest rate environment. Funds investing in corporate loans have...

Investors Like Dobson's New Deal.
September 15, 2003... Dobson Communications is set to launch a $700 million bank facility early this week. The loan comprises a $150 million revolver, priced at 300 basis points over Libor and a $550 million term loan B, which should price in the mid-300 basis point...

Old-Fashioned Traders Find New Tool.
September 15, 2003... As the securities industry moves steadily toward straight through processing, bankers must wonder at times why they're still scratching pen to paper to ink deals, and often devising ad hoc methods to keep track of market activity that can't...

Revived M&A Propels Loan Market Forward as Refinancings and Recapitalizations Give Way to Acquisition and Exit Financing.
September 15, 2003... Refinancings and recapitalizations just keep on coming, but loan underwriters are confident that the fall calendar will give investors something meaty to sink their teeth into. "Everybody anticipated a quiet September, but it's turning out...

United Airlines Faces Imminent Ebitda Hurdle.
September 22, 2003... With lady luck behind its wings, United Airlines is slowly but surely overcoming those hurdles set by covenants attached to its debtor-in-possession (DIP) financing that appeared difficult to surmount earlier this spring. But lenders still have...

Merrill Focuses on Lev. Finance in Europe.
September 22, 2003... Last week's announcement that Merrill Lynch's former managing director of European leveraged finance, Marisa Drew, was leaving the firm to join Credit Suisse First Boston as a managing director and head of European leveraged corporate finance...

Second Time Lucky For Huntsman.
September 22, 2003... What a difference four months makes. After pulling a high yield bond deal in May due to lack of investor interest, Huntsman was not only able to price the deal last week, but was able to upsize it to $380 million, from $250 million, and...

Suez divests Nalco for $4.2 billion and LBO pipeline Heats Up For the Fall.
September 22, 2003... The leveraged buyout (LBO) market is starting to heat up and there are several transactions in the pipeline that should keep syndicated loan investors grown weary of refinancings happy for some time. First on the list: Ondeo Nalco's LBO for...

ISDA Conference: Threats and Jubilation Fill the Air.
September 29, 2003... The credit derivatives and other OTC derivatives markets are still growing at a gang-buster pace, but representatives of the industry speaking at the International Swaps and Derivatives Association's (ISDA) conference last week in New York were...

JMPF Guidelines Could Be Tough.
September 29, 2003... By and large, trade groups' best practices guidelines either seek to pre-empt regulatory guidelines while sending a signal to regulators that they may need to step in with their own guidelines, or - have mercy - set forth new regulations. The...

HY Makes a Comeback as CDO Collateral.
September 29, 2003... Mention high yield to someone in the collateralized debt obligation (CDO) market, and you'll likely elicit a negative reaction. After all, high yield has been the least favorite asset class for CDO collateral over the past couple of years, as a...

Forthcoming Exit Financings Could Provide Some Variety to the Syndicated Loan Market; Telecom Sparks New Interest.
September 29, 2003... Loan investors fed up of seemingly ceaseless refinancings and eager for something fresh to feed their portfolios with will be happy to know that there are several exit financings in the new deal pipeline. These deals will bring some variety...