Weekly Trade Round-Up

Netherlands-based Rabobank is selling a $225 million portfolio of food credits as it seeks to liquidate positions in its U.S. portfolio, according to investors. Psychiatric Solutions' $300 million term loan "B" broke at 100 1/4 and continued to trade in that context. A dealer said trading volume was light, mostly because of its small size. Station Casinos' 7 3/4 '16 bonds fell four points to 100 1/4-3/4 and its credit default swaps widened 40 basis points to 272 on a proposed buyout by its management.

  • 06 Dec 2006
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Rabobank To Sell Food Credit Portfolio
Netherlands-based Rabobank is selling a $225 million portfolio of food credits as it seeks to liquidate positions in its U.S. portfolio, according to investors. The auction is due to take place Thursday morning. The portfolio contains large chunks of low coupon names. Thirteen credits are in the portfolio, including $11.5 million of American Seafoods Group, $18.2 million of National Beef Packing, $77 million of Constellation Brands, $27.5 million of SUPERVALU's term loan "A" and an unknown amount of Southern Wine & Spirits' term loan "B." A Rabobank spokeswoman did not return a call.

Psychiatric Solutions Breaks Above Par
Psychiatric Solutions' $300 million term loan "B" broke at 100 1/4 and continued to trade in that context. A dealer said trading volume was light, mostly because of its small size. Citigroup and Banc of America Securities lead the loan, which the company will use to fund its $210 million acquisition of Alternative Behavioral Services from FHC Health Systems. To fund the acquisition, the company also increased its revolver by $150 million. Pricing is LIBOR plus 1 3/4% on the term loan. A call to Brent Turner, executive v.p. of finance and administration, was not returned.

Station Casinos Bonds Drop, CDS Widens On Management Buyout Offer
Station Casinos' 7 3/4 '16 bonds fell four points to 100 1/4-3/4 and its credit default swaps widened 40 basis points to 272 on a proposed buyout by its management. A trader said the buyout also caused CDS spreads on Boyd Gaming Corp. to widen 40 basis points to 325 on speculation it too could be subject to buyout, before they came back in to prior levels. The trader said Station Casinos' bonds contain a change of control put, but that this will not be triggered because the proposed buyout is by members of its management. He said the covenant would be triggered if another investor stepped in with a rival bid. The company received a letter on Monday from Fertitta Colony Partners proposing to buy the casino for $82 a share. Fertitta Colony Partners was formed by Frank Fertitta, chairman and ceo of Station, and Lorenzo Fertitta, vice chairman and president, and Colony Capital Acquisitions, an affiliate of Colony Capital. A call to Glenn Christenson, cfo, was not returned. 
  • 06 Dec 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 1,560.67 2 10.70%
2 SG Corporate & Investment Banking 1,445.74 4 9.92%
3 Wells Fargo Securities 1,187.61 3 8.15%
4 Rabobank 1,081.86 1 7.42%
5 Bank of America Merrill Lynch 831.08 4 5.70%