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Securitization People and Markets

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  • UBS and Goldman Sachs have been mandated to lead the financing backing Castle Harlan's $650 million acquisition of Horizon Lines from The Carlyle Group.
  • Wachovia Securities has retooled the structure of AXIA's proposed credit facility by reducing the cash dividend to sponsors, decreasing the "B" loan by $10 million, reducing the subordinated debt and instead using a holding company payment-in-kind note.
  • Bank deals are being launched this week for FairPoint Communications and Valor Communications, two rural incumbent local exchange carriers (RLEC) that are planning initial public offerings of income deposit securities (IDS).
  • The Potomac Funds, an equity-focused investment manager, has moved into the fixed-income world and plans to start a high-yield fund, its first, in the coming weeks.
  • Phlegar is chief investment officer and co-head of fixed income at Alliance Capital in New York.
  • McDonnell Investment Management, an Oak Brook, Ill.-based fixed-income shop, is building a leveraged loan and high-yield platform with some familiar names.
  • Empyrean Capital Partners, a new Los Angeles-based hedge fund that will invest across the capital structure, is gearing up for a July 1 launch date.
  • ABRY Partners' Cygnus Business Media has chosen GE Capital to lead its refinancing. Union Bank of California, the previous lead, will serve as co-syndication agent.
  • George Weiss Associates, an equity-based hedge fund in New York, is starting a high-yield effort that will take positions in bonds and credit derivatives.