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Securitization People and Markets

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  • Applied Extrusion Technologies, a developer and manufacturer of plastics, is suffering from tight liquidity and may be challenged to remain in compliance with minimum EBITDA levels for its $100 million credit agreement led by GE Capital.
  • The first high-yield loan to fund construction of a power plant is hitting the market, according to Power, Finance & Risk, an LMW sister publication.
  • The Bond Market Association is seeking to hire a senior professional for its London office.
  • UBS has hired John Gorham, a principal and distressed salesman at Bank of America, to be a salesman on the par loan desk.
  • infoUSA has tapped Wells Fargo to lead its $170 million refinancing.
  • Peter Schellbach, a v.p. and trader of distressed and crossover loans at Goldman Sachs, has left to go to Lehman Brothers.
  • Proceeds from EnerSys Capital's new $580 million facility will be used to refinance $219 million of existing debt and pay a $250 million cash dividend to equity holders Morgan Stanley Capital Partners, limited partner co-investors and management.
  • Pricing flexed up on the $265 million refinancing for Transportation Technologies Industries (TTI).