Bank Loan Report articles from September 2008

Bank Loan Report archives from September 2008

Clear Channel Set To Price $980M.
September 8, 2008... Clear Channel Communications is expected to price $980 million in bonds this week, possibly as early as Monday. Deutsche Bank is the lead underwriter. Other underwriting banks include Citigroup, Credit Suisse, Morgan Stanley, the Royal Bank of...

Head HY Trader Jumps Credit Suisse Ship For BofA.
September 8, 2008... Neil Yaris, most recently the head trader of high yield securities at Credit Suisse, is expected to join Bank of America in November as head of high yield sales and trading, BofA said last week. He will be based in New York and report to head...

HY Summer Slumber Continues.
September 8, 2008... The high yield market returned from its summer vacation last week, only to behave like it was still on vacation. Trading volumes were low and most moves on the secondary market were less than dramatic. The summer break appears to have enervated...

CDS Clearinghouse To Launch This Month.
September 8, 2008... There are plenty of things to look forward to this fall. If you're a fan of America's past time, there's the World Series. If you enjoy technologically-advanced cars, NBC is reviving "Knight Rider" (without Hasselhoff). And credit derivatives...

Dollar General's Debt Inches Closer To A Dollar.
September 8, 2008... Dollar General's debt ascended up the secondary market last week, as the Goodlettsville, Tenn.-based discount retailer did something most retailers have been struggling to: It posted a profit. On Wednesday, Dollar General reported that its...

As If! Thin Pipeline, Wide Spreads Make For Bogus Fall.(bond trading)(Market share report)
September 8, 2008... As a teenager, in that decade of yore known as the 1980s, I always had mixed feelings about this time of year. Back to school - lame. New clothes - bitchin'! Declining temperatures - bogus. A new season of "Dynasty" - gnarly! Today, I flat...

Q&A: Pokrzywinski Sees Good In Battered Sectors.(Gary Pokrzywinski)(investment management)(Interview)
September 8, 2008... Gary Pokrzywinski dares to go where others fear to tread. While other portfolio managers avoid the financial and automotive sectors like the plague, Pokrzywinski is finding that there are good buys to be had. He has been the manager and head of...

Banks Rev Up Chrysler Second Lien.
September 8, 2008... Byline: Richard Kellerhals The underwriters on the Chrysler deal could divvy out more of the company's second-lien term loan in the coming weeks, sources said. If they do, it would be one of three mega LBO deals coming out of hiding, as...

Term Sheets.
September 8, 2008... Byline: Editorial Staff ANSYS LOCATION: Canonsburg, PA PACKAGE AMOUNT: $450 mil. AMOUNT: $450 mil. ADMINISTRATIVE AGENT: BankAmerica SYNDICATION AGENT: National City Bank (Cleveland) DOCUMENTATION AGENT: RBS;...

A Fresh Look At Pricing In The Triple-A CLO Market.
September 15, 2008... Byline: David Ardini, Alex Yu, and Sam PengFloating Rate Debt Group - Institutional Team, Franklin Templeton Fixed Income Par-based investors in the triple-A CLO market may soon have their sense of security tested. Many still apparently...

Time To Play "You Think You Got It Bad...".(Editror's Note)
September 15, 2008... Byline: Carol J. Clouse Brace yourself for the spectacular risk I'm about to take-I'm going to guess, right here, right now, that you've read all you want about our friends Fannie, Freddie and the Lehman brothers. As glued to their sagas...

Investors Hear The Call Of Investment Grade.
September 15, 2008... Byline: Matthew Sheahan As if there weren't enough economic and market forces keeping portfolio managers away from high yield bonds, the investment-grade bond market, with its abundant supply and larger-than-normal yields, may be wooing...

Where's The Beef? Banks Launch JBS Deal.
September 15, 2008... Byline: Richard Kellerhals Credit Suisse and GE last Thursday launched a $1.25 billion credit facility for JBS USA, a unit of SA[pounds sterling]o Paulo, Brazil-based beef processor JBS S.A. The debt will help fund the company's...

New Lending Firms Get Ready For Business.
September 15, 2008... Byline: Richard Kellerhals In the days and months ahead, three new lending companies will open their doors for business. The firms, interestingly enough, have all been founded by former Merrill Lynch Capital executives who left the firm...

Term Sheets.(Term Sheets)
September 15, 2008... Byline: Editorial Staff FCStone Group LOCATION: West Des Moines, IA PACKAGE AMOUNT: $305 mil. ADMINISTRATIVE AGENT: Bank of Montreal SYNDICATION AGENT: BankAmerica BOOKRUNNER: Bank of Montreal; BankAmerica Corp; BMO...

Some Thoughts On Lev Finance's New World Order.(Editor's Note)
September 22, 2008... Byline: Carol J. Clouse As those who have suffered through previous down cycles will tell you, the sky is not falling-it never really falls. But man, can it droop. And right about now, it's drooping like it longs to touch bottom. When...

Despite Market Turmoil, Banks Prep Deals.(Loan Market Buzz)
September 22, 2008... Byline: Richard Kellerhals PNC Capital Markets, JPMorgan and RBS Greenwich Capital are arranging a $500 million credit facility for Wabtec Corporation, a Wilmerding, Pa.-based technology provider for the rail and shipping industries. The...

Market Meltdown Shapes New I-Bank Universe.
September 22, 2008... Byline: Matthew Sheahan With the bankruptcy of Lehman Brothers and the sale of its fixed income group to Barclays, along with Bank of America's purchase of Merrill Lynch, the credit markets are undergoing a massive change that will reshape...

Survival Of The Fittest For Lehman, Merrill Staff.
September 22, 2008... Byline: Richard Kellerhals One undeniable result of the sale of Merrill Lynch and the bulk of Lehman Brothers' North American investment bank is job loss. Throngs of capital markets players must now look elsewhere for work, or fight for...

Secondary Credits Light Up Pall Mall's HY Portfolio.
September 22, 2008... Byline: Savita Iyer-Ahrestani Since its inception in June 1999, London-based Pall Mall Investment Management's pioneering flagship Pall Mall High Yield Europe Plus Fund-one of the first dedicated long-only high yield bond funds to launch...

Lehman, Merrill Loan Trades Will Close.
September 22, 2008... Byline: Richard Kellerhals Leveraged loan traders can rest assured that their open trades with Lehman Brothers and Merrill Lynch will either close or be grandfathered into another firm's book of business. Lehman has been on about 71...

CYA, Uh, Cover Your Assets-ABL Deals In Demand.
September 29, 2008... Byline: Richard Kellerhals While some loans may be senior secured, asset-based loans are not only senior secured, but are also guaranteed and carry a lifetime warranty against defaults. The number of these types of loans-secured by a...

Writing PE's Future-Why Didn't I Think Of That?(Editorial)
September 29, 2008... Byline: Carol J. Clouse I don't usually take up space here to tout the work of other columnists. I am human after all, and not free of jealousy when someone has a brilliant idea I wish had been mine. Especially when he works for The Wall...

Euro Secondary Looks Better Than Primary.
September 29, 2008... Byline: Savita Iyer-Ahrestani The bolt from the blue that was Lehman Brothers/Merrill Lynch has only further enhanced the year's ongoing trend in the European leveraged loan market: the attractiveness of the secondary market over the...

Banks To Shop $1B TLB For Drug Co.
September 29, 2008... Byline: Richard Kellerhals Credit Suisse and Wachovia are hoping to inject some life into the leveraged loan market with a new $1 billion term loan B for King Pharmaceuticals, a Bristol, Tenn.-based drug company. Price talk has yet to be...

Banks Cancel Deals, LCDX Series 10 Hits A Low.(Loan Market Buzz)
September 29, 2008... Byline: Richard Kellerhals A $300 million credit facility for Texas American Resources and a $325 million term loan B for Nations Petroleum have been cancelled due to market conditions. Both were energy-related deals. The Texas American...

NY Regulates CDS Market, Gov Urges Fed To Do Same.
September 29, 2008... Byline: Richard Kellerhals New York Governor David Paterson said last week that the state of New York will begin regulating the credit default swap market on Jan. 1 and that the federal government should follow suit. With credit...

Cohen's Ricciardi Proposes Alternative to Bailout.
September 29, 2008... Byline: Gabrielle Stein As Congress battled over the terms of the Treasury bailout plan last week, Christopher Ricciardi, chief executive officer at Cohen & Co. and former managing director of global structured credit products at Merrill...

Term Sheets.(Term Sheets)
September 29, 2008... Byline: Editorial Staff CME Group LOCATION: Chicago, IL PACKAGE AMOUNT: $1,416.00 mil. ADMINISTRATIVE AGENT: BankAmerica SYNDICATION AGENT: UBS; BMO Capital Markets; Bank of Tokyo-Mitsubishi UFJ BOOKRUNNER:...