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Securitization People and Markets

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  • Deutsche Bank is leading a $440 million facility for Sturm Foods and is also arranging a $205 million loan for Alabama Metal Industries Corp. (AMICO) with Merrill Lynch.
  • JP Morgan and Bear Stearns are leading $375 million of loans for Hughes Network Systems (HNS).
  • Charles "Chip" Schorin, managing director head of asset-backed bond research at Morgan Stanley in New York, has left the firm for Elliot Management Co., a hedge fund.
  • Scotia Capital Markets has hired John Mitchell, director in high-yield trading at UBS.
  • London-based Morley Fund Management has lost its principal high-yield bond fund manager, Andre Mazzella, to hedge fund CQS Management in London.
  • Cleary is chief investment officer at Standard Asset Management, the London investment arm of South Africa's Standard Bank.
  • JP Morgan flexed pricing on a $110 million, seven-year term loan "B" for Diagnostic Imaging last week to LIBOR plus 3 1/2% from LIBOR plus 3%.
  • A price change on the $5 billion deal for Kerr-McGee is looking more likely after investors predicted the initial spread would come up short.
  • Lehman Brothers is boosting its distressed desk by shifting par loan trader John Gramins to trade stressed and distressed credits.