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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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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.
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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.
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Citigroup had more than half of Accuride Corp.'s $190 million second lien term loan filled as of late last week, according to a banker familiar with the deal. The tranche is priced at LIBOR plus 61/4% with a 2% LIBOR floor and an original issue discount of 2%. The banker added that the $50 million revolver, which is priced at LIBOR plus 4%, is fully subscribed. Proceeds from the $240 million deal will refinance the truck and trailer wheel maker's existing revolver and "A" and "B" loans.
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Merrill Lynch was expected to close Colfax Corp.'s $315 million credit last Friday, in accordance with the company's projected completion date for its $113.4 million acquisition of Netzsch Group. Since the credit's BB-/Ba3 ratings were announced last week more investors were expected to commit to the credit, said an official, but those commitments could not be confirmed by press time.
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Qwest Corp., a subsidiary of debt-laden Qwest Communications International, is seeking a $1 billion term loan from a seemingly responsive bank debt market. Despite being a senior unsecured deal, investors are still keen on the loan's closeness to the former US West assets, which now comprise Qwest Corp. Qwest acquired baby bell US West in 2000. "[Qwest Corp. is] probably the safest part of the company," said Michael Schroeder, president of investment management firm Wasmer, Schroeder & Co. "That's where all the cash flow is." An investor concurred, noting that would help balance out the fact the deal is unsecured and pari passu with the company's other senior unsecured debt.