Le-Nature has steadily been rising, trading in the mid 57 range last week, according to Markit. It had been trading in the low 50s the week before and in the 40s in January. According to a Goldman Sachs' report from earlier in the month, the term loan has risen due to potential asset sales; a real estate agency is supposedly selling the premium beverage maker's bottling plant in Phoenix.
According to the research report, loan exposure was manageable at most banks, but exposure at Zions Bancorporation was more sizable with the company taking an $11 million charge for losses on a Le-Nature equipment lease. Other banks with equipment lease exposure include Fifth Third, National City, Huntington National Bank and Wells Fargo, Goldman writes, citing bankruptcy filing documents, although the report says the exposure was not large enough for these banks to separate out levels in fourth-quarter reported results. Calls to David Getzik, cfo, were not returned.