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Securitization People and Markets

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  • J.P. Morgan has made changes to TRW Automotive's credit as a result of demand during syndication with the pro rata increased at the expense of the institutional piece.
  • Deutsche Bank, Goldman Sachs and Lehman Brothers went out to managing agents last week on the financing backing Penn National Gaming's $2.2 billion acquisition of Argosy Gaming Co. Ten lenders were offered $100 million commitments, market participants noted.
  • Société Générale in London has hired Rajan Dosanjh, a structurer in the securitization team at Commerzbank in London, as a junior asset-backed securities trader.
  • UBS and Morgan Stanley are physically separating their capital markets bankers from their traders and salesmen for compliance purposes.
  • Bank of America and Morgan Stanley launched syndication last week of a $505 million credit for Advanced Medical Optics.
  • Associated Materials, a portfolio company of Harvest Partners, is increasing its credit facility and cutting the spread as Investcorp acquires 50% of the company.
  • BNP Paribas, UBS and Credit Suisse First Boston launched syndication of a $640 million credit for Knowledge Learning Corp. last week with the deal quickly oversubscribed.
  • Richard Cameron has joined Bank of Ireland Asset Management as a senior v.p. from PB Capital Corp.