Latest news
Latest news
Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
More articles
More articles
-
BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
-
BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
-
BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
-
Syndication of Cinram International's $1.2 billion credit was launched last week with lenders oversubscribing the $300 million pro rata tranches, according to a banker. Bank One, Société Générale and GE Capital all came in at the agent level to join the Citigroup and Merrill Lynch-led deal, the banker said. The credit backs the DVD, CD, videotape and audio cassette manufacturer's $1.05 billion acquisition of the DVD and CD manufacturing businesses from AOL Time Warner (see Credit in Focus, page 9). A Merrill official declined to comment, while a Citi banker did not return calls.
-
GE Capital launched syndication last Friday of an add-on $150 million "B" loan for Hanger Orthopedic Group. Jason Owen, treasurer of the orthotic and patient-care provider, explained that the loan will be used to fund the purchase of notes that are pursuant to a cash tender offer. The company announced last Tuesday that it was commencing a tender offer for any and all of its $150 million outstanding principal amount of 111/4% senior subordinated notes due 2009. Pricing for the add-on debt is set in the LIBOR plus 31/4-31/2% range, said Owen. The bank facility is currently just a $100 million revolver, which is priced at LIBOR plus 3%.
-
After avoiding Chapter 11 bankruptcy earlier this summer, airline company Midwest Express Holdings is now seeking either new lenders or equity-based financing. The new financing will probably be from an asset-based or equity-based source, rather than a bank loan, according to Robert Bahlman, cfo. "We think it is hard to get in our industry right now," Bahlman said of why the company is not going the traditional bank loan route. "We've done some work [exploring traditional bank debt as an option] but we think that if we got alternate financing we'd rather do that." He declined comment on how much Midwest needs or which institutions it is speaking with.
-
Bank One has been selected to lead a new $750 million revolving credit for Pulte Homes. Bank One replaces Bank of America, which had led the previous five-year, $570 million credit. The larger size of the line, which also consolidates other credit lines, reflects Pulte's greater need for working capital, a Bank One official said. Bank One put together a similar $1.27 billion deal for Lennar Corp. and Pulte preferred the letter of credit sub limit structure and covenants in that deal, the official added. B of A officials declined to comment. Pulte officials did not return calls.
-
The recently announced $4.2 billion leveraged buyout of Ondeo Nalco is set to stream $3.2 billion of financing into the debt markets and Bank of America, J.P. Morgan, UBS, Goldman Sachs and Citigroup are among the firms vying to lead the deal, according to market players. Hungry investors sitting on cash are looking forward to a new money bank deal that should come in north of $1 billion, bankers added.
-
Lehman Brothers allocated the $150 million "B" loan for B&G Foods last week after flexing pricing down by 25 basis points to LIBOR plus 31/4%, said a banker. The credit was three times oversubscribed, he said. The $200 million credit backs B&G's acquisition of Nestlé Prepared Food Co.'s Ortega brand acquisition for $116 million. The credit also includes a $50 million, five-year revolver that was expected to be drawn for $11 million to pay for the acquisition (LMW, 8/25). The revolver includes a $5 million sub limit for letters of credit. FleetBoston Financial, Bank of New York and CIT Group are all agents on the deal. A Lehman official declined to comment.