Steve Sterling has joined Bear Stearns as a senior managing director, head of high-yield capital markets and loan sales. He reports to Keith Barnish and Larry Alletto, co-heads of leveraged finance. As first reported on CIN's Web site last week, Sterling had been head of Lehman Brothers' U.S. loan effort before leaving last year to take time off (LMW, 2/25/05). Sterling declined comment.
While his previous role just included loans, he will now be working with both loans and bonds on the capital markets side. Recent bank deals Bear Stearns has brought to market include: a $250 million credit for American Cellular Corp., jointly led with Lehman, which launched at the end of July (7/31); and a $200 million term loan for United Surgical Partners International, which launched in mid-July (7/24).
Sterling joined Lehman in April 2000 and took the helm of its U.S. loan efforts in 2004 (6/4/04). When he left, Bill Hughes, managing director, became head of loan capital markets (2/25/05). Before Lehman, Sterling worked at Banc of America Securities for 12 years, running West Coast leveraged finance during his last assignment.
