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Nordea Bank Finland seized the lead from Bank One for a $225 million refinancing deal for Houston-based offshore drilling company Atwood Oceanics after Bank One would not cough up the tighter pricing and longer tenor that the company wanted on the credit. "[Nordea] gave us a better offer, plain and simple," said James Holland, executive v.p., cfo and secretary. "[Bank One] couldn't go more than three years," he added. The present deal, which is fully underwritten with Credit Agricole Indosuez Capital, Fortis Capital and Hamburgische Landesbank, includes a five-year, $150 million term loan and a five-year, $75 million revolver. Holland noted that Bank One's business policy did not allow it to handle the maturity and pricing that the company was demanding. Bank One is not involved in the new deal. Bankers from Bank One and Hamburgische could not be reached by press time, while officials from Nordea, Credit Agricole and Fortis declined to comment.

Investors devoured at least $1 billion of the $1.5 billion institutional loan for Allied Waste Industries by the time last Wednesday's retail bank meeting was held. Pricing tightened from LIBOR plus 31/2% to LIBOR plus 31/4% ahead of the launch because of the strong reception, a banker stated. The coupon still beats the existing term debt's LIBOR plus 23/4-3% spreads. More investors were expected to jump into the loan last week as LMW went to press, and another market player suggested that pricing could be flexed down further. The "B" piece is joining a $1.5 billion revolver that had been filled out ahead of the retail launch and priced at LIBOR plus 3% (LMW, 4/7). J.P. Morgan and Citigroup are leading the $3 billion refinancing credit, with UBS Warburg, Credit Suisse First Boston and Deutsche Bank also serving as top tier agents. Bankers on the deal either declined to comment or did not return calls.

The $200 million "B" piece financing Kmart's exit from bankruptcy picked up a $30 million ticket from Eaton Vance ahead of the retail launch. Whitehall Business Credit and one other shop also were named as participants last week. One source said LongAcre Capital Partners was the third ticket holder, but an official at LongAcre denied this. A banker familiar with the deal would not cite the size of the two additional tickets, but he said that more investors were getting close to signing on late last week. GE Commercial Finance, Bank of America and Fleet Retail Finance are shopping the loan along with a $1.8 billion revolver in order to facilitate the mass merchandising retailer's "fast-track" plans to emerge from bankruptcy by April 30.

UBS Warburg's $130 million deal backing the leveraged buyout for ILC Industries by Behrman Capital is now full after investors were offered higher pricing and a juicier up-front fee. A banker familiar with the credit said it will fund this week and was done with a combination of middle-market lenders and institutional investors. Additionally, The Blackstone Group is said to have signed up for an increased mezzanine piece, with a coupon north of 161/2%. But, a banker said the yield is in the low teens.

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.

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.