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Vivendi Universal Entertainment (VUE) had about $1.5 billion in tickets on its $950 million term loan last week. It was too soon to determine if the size of the credit would be increased or if the LIBOR plus 31/2% coupon would flex down, said a banker familiar with the deal. J.P. Morgan, Bank of America and Barclays Bank lead the facility, which backs the Los Angeles-based arm of parent Vivendi Universal's (VU) plans to refinance the remainder of a bridge facility. An investor noted that the deal has a provision to increase the loan by another $500 million. J.P. Morgan and B of A officials declined to comment, while a Barclays banker could not be reached by press time.
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The three lead banks on Qwest Corp.'s term loan increased the deal to $1.75 billion from $1 billion last week and carved out a $500 million fixed-rate tranche after a horde of traditional and non-traditional investors swarmed into the credit. Merrill Lynch, Credit Suisse First Boston and Deutsche Bank received more than $3 billion in commitments, according to a banker familiar with the deal. The four-year term loan, now at $1.25 billion, is priced at LIBOR plus 43/4% with a LIBOR floor of 13/4% and an original issue discount of 99, said the banker. The seven-year, fixed-rate piece has a yield to maturity of 7-71/4%, he added.
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Vincent Repaci, the former head of asset-based syndications and distribution at GE Capital, joined UBS Warburg last Monday to head up the firm's new asset-based lending (ABL) effort as an executive director. The new division will stand separate from UBS' loan syndications department, Repaci explained, adding that the group will only be participating in asset-based, secured loans, but not originating credits.
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Bank One has named Tom Schnell to head its real estate corporate banking group. Schnell, who previously headed up the bank's real estate syndications group, will now manage a 20-member group focused on a much broader base of capital markets activity including high-yield bonds, derivatives, equity and convertible securities for large public companies and institutional real estate players. He succeeds John McDonald, who retired about two months ago.
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Bank of America and Wachovia Securities are leading the $300 million debtor-in-possession financing for bankrupt WestPoint Stevens, a maker of sheets, pillow cases and towels, including Martha Stewart products for Kmart. WestPoint filed for bankruptcy last week in order to significantly reduce debt, return to profitability and enable it to compete more effectively for the long term, according to a company statement. The one-year DIP line is priced at LIBOR plus 23/4%. A date for syndication could not be determined. A banker at Wachovia did not return calls by press time, and a B of A banker declined comment.
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The $825 million exit financing for Laidlaw was juiced up last week to jump start its syndication. The credit backs the transportation company's exit from Chapter 11, which was delayed for the third time after Laidlaw blew through its May 30 target date. Many market players see the company's sluggish bank deal as one of the roadblocks in the way. After launching syndication to retail investors last month, Citigroup and Credit Suisse First Boston had only rounded up $150 million in commitments coming into last week. To get things rolling, pricing was increased for the third time, call protection and a LIBOR floor were introduced and the agents offered an original issue discount.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.