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Securitization People and Markets

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  • Nevada Power Co. is looking for a $200 million revolver to fund the acquisition of a partly completed 1200 MW power station project north of Las Vegas and will subsequently issue around $250 million in long-term bonds to pay down borrowings on the revolver.
  • The following is a list of prominent personnel moves from around the U.S. and European markets.
  • Managers of senior secured floating rate loan funds are continuing to build assets through the retail route with new launches and significant inflows into existing funds.
  • Pacific Investment Management Co., Rydex Investments and ProFunds Advisors are among the buy-side firms touting the benefits of their defensive bond funds in the face of higher interest rates.
  • Syndication kicked off last Thursday for Harbor Freight Tools' $490 million recapitalization.
  • J.P. Morgan and Bear Stearns launched syndication last Tuesday for a $145 million credit for Resolution Specialty Materials.
  • Citigroup and Bank of America are in the market with a $275 million add-on "B" loan for Ardent Health Services that backs a couple of acquisitions.
  • Citigroup Global Markets has shuffled part of its high-yield research coverage.
  • A bank meeting was held last Wednesday to begin syndication of a $785 million credit for Foundation Coal Corp.