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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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TD Securities has closed the books on its high-yield bond distribution business. The move follows the departure of the four remaining members of TD's sales and trading unit to other firms, and its decision not to replace them. Brendan O'Halloran, managing director and group head of U.S. capital markets, characterizes the decision as a mutual one. "It's part and parcel of the fact that we'd be placing less emphasis on distribution. We were going in that direction and they saw that. They had other opportunities and they took them," he says.
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UBS Warburg is shopping a $130 million deal for defense, aerospace and industrial products provider ILC Industries, backing the leveraged buyout of the company by Behrman Capital. A banker familiar with the deal said that ILC management will keep an equity stake in the company in order to keep "skin in the game" and the same management in place. The company's ceo, Clifford Lane, is rolling over a $40 million interest in the company, while Behrman is investing $70.4 million, an investor noted. The fully underwritten deal includes a $115 million "B" piece priced at LIBOR plus 4% and a $15 million revolver at LIBOR plus 31/ 2%. UBS launched the credit last Wednesday. A UBS official declined to comment.
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Pacific Investment Management Co. has hired Joshua Anderson, as a collateralized debt obligation analyst. He moves over from Merrill Lynch, at which his final day was last Friday. He starts this week at Newport Beach-based PIMCO, working within an undisclosed group. He will cover both asset-backed securities and CDOs, playing a mixed role as an analyst and portfolio manager. It could not be determined to whom he will report. Anderson declined to comment. Calls to Mark Porterfield, a spokesman at PIMCO, were not returned.
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PNC Bank and National City Bank are wrapping up a $120 million credit for Fairmount Minerals after shutting down syndication earlier than expected last month. The credit proceeds will go toward owner dividend payments, as well as for general working capital, a banker familiar with the situation said. The deal was oversubscribed with about 15 investors signing on, the banker added. The facility includes a $30 million revolver, a $60 million "A" piece and a $30 million "B" loan.
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J.P. Morgan Securities has named managing directors Andy Brindle and Bertrand Des Pallières global co-heads of structured credit, expanding their existing titles. Both officially replace Romita Shetty, who resigned from the post in December and is still at the firm evaluating whether she will accept another role or leave.
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Dan Ward has left Lehman Brothers, where he was an analyst covering the transportation sector, including airlines, rails and defense, according to a Lehman official. Ward also covered autos, which is often classed as "manufacturing" and followed by a different analyst. He could not be reached. The Lehman official says he left "to pursue other opportunities," but declined to be more specific.
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RCN Corp. is believed to be going after an amendment that will allow the company to use cash to buy back its bonds, and that idea is not sitting well with term loan investors who would rather the cash be directed to them. "This is a very controversial amendment," noted one buysider. Jim Downing, an RCN investor relations spokesman, declined to comment on the amendment and the specifics could not be ascertained. Votes are due this Thursday and the company must receive 51% lender approval for the amendment.
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Valuations on senior loan funds have moved up significantly in the last few months, as demand for the long-troubled funds increases. "People have been exposed to the story and are asking when [interest] rates rise, where can I take advantage," explained Jon Maier, a director in global equity research at UBS Warburg. UBS began coverage of some of the funds last year, when prime rate funds were trading at a large discount, reflecting both the market interpretation of the risks associated with the funds as well as the average price of their bank loan assets (LMW, 12/2).
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Fitch Ratings is looking to hire analysts for its newly established Moscow office, which is set to open in about a month, says Paul Taylor, group managing director in London. The office will be headed by Natasha Page, managing director, and will eventually house 10 analysts. Taylor says the office will be staffed by a combination of new hires and internal transfers.