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Securitization People and Markets

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  • Funeral home and cemetery operator Alderwoods Group is increasing its term loan by approximately $175 million to $385 million and has brought on board Morgan Stanley alongside existing lead Bank of America for the amendment.
  • GE Capital and Calyon kicked off syndication today for a refinancing and recapitalization of Alliant Resources Group.
  • Bank of America is leading a $275 million second-lien term loan for NES Rental Holdings that is anticipated to price in the LIBOR plus 500 range.
  • Jeff Stuart, head of structuring and marketing for syndications at Bank of Tokyo-Mitsubishi (BTM), has joined The Royal Bank of Scotland (RBS) as managing director and head of loan markets for the Americas.
  • Lehman Brothers and Bear Stearns held a bank meeting last Thursday for an amendment to Pinnacle Entertainment's credit that will reprice the "B" loan at a lower rate.
  • DaVita is adding a $250 million "C" loan to back its $150 million acquisition of Physicians Dialysis.
  • The bank debt financing for Thomas H. Lee Partners' leveraged buyout of Refco Group was close to being filled last week despite a mixed response from loan investors.
  • Bear Stearns launched syndication last Wednesday for a $155 million credit backing Regus Group's $302.5 million acquisition of HQ Global Workplaces.
  • BNP Paribas has recently made five hires to develop its integrated credit strategy team, which was created earlier this year by the merger of its high-yield, high-grade, cash and derivatives businesses, said Len Jardine, head of credit sales and research in New York.