Bank Loan Report articles from September 2007

Bank Loan Report archives from September 2007

One Way Or Another, LBO Firms May Help Clear Pipeline.
September 10, 2007... By hook or by crook, there's a lot of debt that has to be moved. Whether LBO firms and hedge funds go on a debt shopping spree or some of the larger LBO deals in the works give up the ghost, some of the debt that's in the pipeline right now may...

Are Buyers Bluffing On Killing Sallie Mae?
September 10, 2007... In the shadow of an unfriendly credit market, Sallie Mae shareholders approved a buyout last week that would add as much as $16.5 billion to the leveraged finance pipeline. But don't consider the deal closed just yet. In light of government...

AlixPartners: More Bankruptcies, Alternatives.(Interview)
September 10, 2007... With the current corporate credit crunch predicted to knock at least some companies with maturing debt out of the refinancing line, we at Bank Loan Report thought it would be an opportune time to talk about restructuring. We sat down with...

Editor's Note: Meltdowns Fire Us Up This Cruel Summer.
September 10, 2007... Just hours ago, the newsroom I share with a dozen other journalists caught the mortgage meltdown fever. A Wall Street Journal story about a family that earns $90,000 taking on a mortgage of $567,000 set off the animated conversation, which soon...

REITs Fuel CDO Trouble at Taberna.
September 10, 2007... U.S. RMBS trouble is brewing for Bermuda-based Taberna Capital Management. The CDO manager, which has issued nine CDOs backed primarily by REITs since its inception in 2005, has been hit with a cluster of negative rating actions. The...

Ameristar Down on Debt, Movie Gallery May Not Pay.
September 10, 2007... Standard & Poor's last week cut Ameristar Casinos' senior secured credit facility to BB+ from BBB-. The rating action follows the company's announcement that it will increase its existing revolving credit facility by $550 million to $1.35...

Secondary Loan Market Not So Secondary For Now.
September 17, 2007... The lack of new issuance on the primary leveraged loan market is, logically, driving up trading on the secondary. And now there is data to show how much. Trading settlement house ACBS ClearPar data shows that the number of trades in the...

Troubled LBO Debt Pipeline Still Awaits First Data Sale.
September 17, 2007... Any plumber will tell you that they rarely find diamonds when they clean clogged pipes. While First Data's debt package is the undisputed harbinger as far as clearing open the credit markets again, other big deals with solid underlying...

Mid-Market Sees Opportunity/Trouble.
September 17, 2007... Large investment and commercial banks are not alone in being affected by the current climate in the credit markets. But unlike large banks, which find themselves sharing a boat of woe, middle-market banks have not been saddled with billions in...

Editor's Note : Out With The Old Covenants, In With The Newer and Looser.
September 17, 2007... Investors appear to have mixed feelings about covenants; while many kick and scream when covenants on a deal come lite, some say the tests don't really matter all that much. One investor told us back in August that the brouhaha surrounding the...

A Couple Of Deals Give Hope; Deutsche Loses Loan Chiefs.
September 17, 2007... Eager investors saw a glimmer of hope in a couple of deals last week. While everyone is still holding their breath to see what the price talk and terms will be on First Data, (see story, page one) investors are keeping their eye on other deals...

-ST_BY-.
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Euro Loans/CLOs Face Tough Time in Latter Half of Year.
September 17, 2007... While even a couple of weeks ago European loan market participants were hoping for their market (which has barely seen a drop in the way of primary issuance over the past month) to get going in September, the word is now that it will take...

GXS Up On Restructuring, White Birch Down On Industry Woes.
September 17, 2007... Moody's Investors Service raised the ratings on the proposed $175 million second-lien loan of GXS Worldwide to B3 from Caa1 as a result of the company restructuring its debt package. GXS increased the second-lien term loan due 2013 to $175...

A Fragile Peace for Commercial Paper Market.
September 17, 2007... Concerns about credit quality and underwriting standards within the subprime mortgage market filtered through to the commercial paper market this summer where asset-backed commercial paper - 60% of the total commercial paper marketplace - saw a...

Never Mind The Credit Crunch, Here Come New Debt Funds.
September 24, 2007... Private equity firms, one of the main culprits in the creation of the current credit crunch, are among the most active in gearing up to buy some of the securities that are now selling for steep discounts. New firms join the rush to buy debt...

CLOs ETA: Early 2008, According To Market Optimists.
September 24, 2007... Leveraged loan market players made the optimistic prediction last week that CLOs would return to the loan market stage by January or February of 2008. The topic was one of many discussed by market participants at the 13th annual Reuters Loan...

Third-Quarter Bank Numbers? Don't Panic.
September 24, 2007... The first wave of investment bank earnings has arrived, and here's the consensus: Breathe a little easier. Over the past several days, Lehman Brothers, Morgan Stanley, Bear Stearns and Goldman Sachs have all posted their third-quarter...

Editor's Note : Movin' On Up, Er ... Over, To A Small Shop Off The Street.(Editorial)
September 24, 2007... My mind is all a buzz with cliches - the bigger they are, the harder they fall; bigger isn't always better; good things come in small packages; and everyone's favorite, size matters. Right now in investment banking, size really does matter,...

Loan Market Wrap: Investors Eye URS, United Agri Products, React To First Data.
September 24, 2007... Investors last week showed interest in two very different debt packages, one sponsored by San Francisco-based URS, and the other by Greeley, Colo.-based United Agri Products. The debt package for the Morgan Stanley-led URS deal is $2.1 billion,...

Market Welcomes CDX Roll With High Hopes.
September 24, 2007... Market participants welcomed the ninth series of the North American Investment Grade CDX index (CDX.IG.NA series 9) last Thursday with high expectations, specifically with the addition of better quality and retail-heavy names. "We have...

Rating Movers: Cenveo Up On Debt Cushion, Movie Gallery Drops On Default.
September 24, 2007... Despite woes in the newsprint and publishing industries, Standard & Poor's raised the rating on Stamford, Conn.-based printer Cenveo Corp.'s $920 million debt package to BB from BB-. The change follows Cenveo's late-August issuance of an...