Bank Loan Report articles from September 2004

Bank Loan Report archives from September 2004

GE's CFS Europe On Watch For Potential Acquisitions.( GE Commercial Finance-Corporate Financial Services)
September 13, 2004... At the start of this year, GE Commercial Finance-Corporate Financial Services (CFS) sought to complete its plan of launching in Europe all of the same services CFS offers in the US. To achieve the task, the company shifted Richard Laxer,...

Credit Derivatives - Hot & Evolving Fast.
September 13, 2004... The credit derivatives market has undoubtedly been the hottest area on Wall Street this year, both in terms of volume of activity, personnel hires and compensation for professionals. Fitch Ratings' Global Credit Derivatives Survey - the rating...

DebtX Makes Waves In Italy.
September 13, 2004... DebtX, a full-service loan sale advisor for commercial debt, announced earlier this month that it is planning to sell 35 million in Italian commercial loans and leases on Sept. 23. The portfolio includes commercial loans and leases that were...

Aquila To Take Out Higher Rate Debt With Unsecured Credit.(Brief Article)
September 13, 2004... Credit Suisse First Boston is expected to bring to market this week a $300 million unsecured credit for electricity and natural gas company, Aquila. The deal is broken down between a $100 million revolver and a $200 million term loan B, both...

Headwaters Comes To Market For Tapco Acquisition Deal.(Headwaters Inc.)
September 13, 2004... Morgan Stanley and JP Morgan have been chosen to lead an $865 million credit that backs Headwaters' $715 million purchase of Fremont Partners portfolio company, Tapco Holdings, a manufacturer of building products, home improvement and...

Merrill To Syndicate Paint Co. Merger Facility.(Brief Article)
September 13, 2004... Merrill Lynch is expected to launch syndication of a $181 million credit facility this week to support Cosorcio Comex's purchase of Professional Paint from private equity firm, The Jordan Company. The deal is rumored to include a $156 million...

Viasystems Refinancing On The Way.(Brief Article)
September 13, 2004... JP Morgan is set to launch syndication of a refinancing deal for Viasystems Group as soon as this week, according to an investor. Exact details on the new credit could not be confirmed. Viasystems, a St. Louis-based circuit board and back panel...

JP Morgan Leads Serologicals Acquisition Line.(J.P. Morgan Chase and Co.)(Serologicals Corp.)
September 13, 2004... JP Morgan is also poised to launch syndication of a new credit facility for Serologicals Corp. that will, in part, support the company's acquisition of Upstate Group for $205 million in cash and stock. The credit can total as much as $140...

ABN Amro Hires New Global Head Of Credit Strategy.(Brief Article)
September 13, 2004... ABN Amro announced last week the appointment of Alison Miller as the bank's global head of credit strategy for ABN Amro's financial markets business. The senior analyst was most recently employed at Dresdner Kleinwort Wasserstein, where she...

Mixed Outlook For Fallen Angels, Says S&P.
September 13, 2004... There has been much talk about the declining number of fallen angels descending from the investment grade to the speculative grade universe over the past year. Just 19 have been recorded this year through Aug. 24, well below the fallen angel...

Debt Market Considerations For Today's Borrowers Seeking The Optimal Capital Structure.
September 13, 2004... In a surprisingly short time frame, loan market conditions have changed dramatically. Covenants continue to loosen, maturities continue to increase and lenders are competing very aggressively on price. As a consequence, leveraged loan volume is...

IntraLinks' Fax-in To Increase Loan Transaction Efficiency.
September 20, 2004... Finding new ways to foster efficiency in the US syndicated loan market is the driving ambition of IntraLinks, a provider of secure online workspaces that service at least 90% of the syndicated loan market. The company has committed itself to...

CIT To Rev Up Syndicated Lending.(CIT Business Credit)
September 20, 2004... CIT Business Credit is making a push to build up its leveraged lending business and has taken its first step in doing so by hiring William Swenson, formerly of CIBC World Markets, to head up the effort. Swenson has been appointed to a newly...

Two-year Old Winter Group Hits Stride.
September 20, 2004... Integrating experienced team members focused in capital markets, internet technology, mortgage acquisition and portfolio management, with a fully-integrated business model and a servicer built from scratch, The Winter Group (TWG) has managed to...

Ex-Merrill Staffer Earns Scotia Corporate Finance Top Spot.(Brief Article)
September 20, 2004... A former Merrill Lynch loans pro has reemerged at Scotia Capital. Effective today, Amy Miller will take the helm as Scotia's managing director and head of corporate finance and distribution in the US. Miller most recently worked in...

Trapp Joins Calyon As MD For Structuring.(Amy Trapp)(Calyon Americas)(Brief Article)
September 20, 2004... Amy Trapp, formerly of Citigroup and CIBC World Markets, has been appointed as managing director and head of the structuring team in the loan syndications division at Calyon Americas, which is the corporate and investment bank of the Credit...

Glucksman And Sullivan Come On Board To BNP Paribas.(Adam Glucksman)( John Sullivan )
September 20, 2004... BNP Paribas brought on board Adam Glucksman last week as the head of transaction development - a newly created position - for the banks' US leveraged finance group. Also, the bank hired John Sullivan as a managing director for energy...

SG Juices Up Interstate Refi.(Societe Generale Alsacienne de Banque)
September 20, 2004... Societe Generale (SG) had to juice up its $135 million refinancing credit for Interstate Hotels & Resorts last week, after investors demanded higher pricing on the coupon. The deal, which includes a three-year, $60 million revolver and a...

Is Mandalay On The Way?
September 20, 2004... Market buzz indicates that a potential bank deal in support of MGM Mirage's $7.9 billion acquisition of Mandalay Resort Group could emerge very soon (BLR, 6/21). BofA, Merrill Lynch, JP Morgan, Deutsche Bank, SG, and Morgan Stanley are all...

Euro Lev. Fin. Market: More Mature, But More Aggressive.(European leveraged finance market)
September 20, 2004... The European leveraged finance market has made significant steps forward in 2004; deal flow has been strong, liquidity has improved, the investor base has diversified and new components have made appearances in capital structures. But, despite...

Second Lien Players Acknowledge Future Market Risks.(bank loans)
September 27, 2004... It is no secret that the swell of second lien leveraged loans completed this year has been astronomical in comparison to previous years. This year to date total US second lien debt issuance has reached about $7.8 billion, according to Standard...

New CIT Team Eyes 2nd Lien Mart, Europe.(CIT Business Credit)
September 27, 2004... Since its inception in 1908, CIT Business Credit has always been active to some degree in providing both asset-based (ABL) and cash flow loans through both good and bad times. Still, its business has for the most part leaned more toward the ABL...

Without Change, Could ABL Face Doomsday?(Asset based loan)
September 27, 2004... Could the asset-based loan (ABL) market soon become obsolete? Probably not. But, it does have to become more innovative in order to sustain a sufficient amount of business - especially during such sluggish times in the ABL lending arena,...

Syniverse Emerges With Credit Supporting Refi, Acquisition.
September 27, 2004... Syniverse Technologies, formerly known as TSI Telecommunication Services, hit the market last week with a $244.2 million term loan that will go toward refinancing its existing debt and financing its $57 million cash acquisition of EDS...

BofA Brings Westlake Chemical Repricing To Market.(Bank of America )(Brief Article)
September 27, 2004... Bank of America pitched a repricing for Westlake Chemical Corp.'s institutional debt last week, according to a source, who stated that pricing is set to be tightened by about 150bps. Westlake, a Houston-based commodity petrochemical, plastics...

SG CIB appoints New Head Of Financing In Americas, Haimet Fills Void.(Brief Article)
September 27, 2004... SG Corporate & Investment Banking (SG CIB) recently appointed Powell Robinson to a new position as head of financing activities for the Americas region. Robinson, who was previously SG CIB's head of asset finance, will report to Paolo Taddonio,...

Deutsche Bank Announces Executive Committee Changes.(Brief Article)
September 27, 2004... Deutsche Bank last week announced changes to the responsibilities of members of its Group Executive Committee (GEC). Michael Cohrs and Anshu Jain will jointly head the Corporate and Investment Bank. Cohrs will remain head of global corporate...

CP Market Set For Growth In 2005.(Commercial paper )
September 27, 2004... The US commercial paper (CP) market, an area that has been relatively quiet in recent months, is showing signs of a rebound and looks set to gain further momentum in 2005, Fitch Ratings said in a report released last week. Continued...

Clean Bill Of Health For HealthSouth, New Financing Ahead.(management)
September 27, 2004... It has a new chief executive officer, a cleaned up balance sheet and it is poised for a new beginning. But although Guy Sansone - managing director who served as HealthSouth's CFO when restructuring company Alvarez & Marsal took it in hand last...

New ABN Trading Platform To Increase CDS Market Liquidity.(Credit default swap)
September 27, 2004... In yet another step forward for the credit default swap (CDS) market - the fastest growing area of the burgeoning credit derivatives market over the past year - ABN Amro launched the first auto-execution (Auto-ex) service for single name CDS...