Charter Stronger Even As Bank Sell Down; ACL Floats Up

Charter Communications' new bank debt settled a touch higher on the break last week.

  • 28 Apr 2004
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Charter Communications’ new bank debt settled a touch higher on the break last week. Traders said the company’s new “B” loan is changing hands in the 99 3/4-100 context and that the “A” loan trading is in the 98 3/4-99 range. Banks have been paring down some exposure to the name by selling off the “A” piece, rather than the revolver. Instead of selling the revolver at a considerable discount—the piece is quoted wide in the 94-97 range—these firms have been able to sell down on the “A” but still stay within fees, the traders explained. Institutional investors, on the other hand, are said to be rolling out of the “B” loan and picking up the “A” piece. Calls to a Charter spokesman were not returned by press time.

Meanwhile, bank debt for American Commercial Lines (ACL) has been growing stronger over the last couple of weeks, floating up and out of the high 80s into the 95-96 range. It is unclear what has caused the recent uptick, but one trader explained that a financing package for a comparable company was reflecting positively on the name. ACL is currently wading through bankruptcy, after filing in January 2003. The marine transportation company was acquired by DanielsonHoldingCorp. in 2002. Calls to PhilipGund, interim cfo for ACL, were not returned by press time.

  • 28 Apr 2004

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1 Citi 7,029 20 10.95
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.45
3 JP Morgan 4,776 10 7.44
4 Credit Suisse 4,718 9 7.35
5 Deutsche Bank 4,262 13 6.64

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1 Wells Fargo Securities 67,591.81 167 11.54%
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