Weekly Trade Round Up

Revlon Consumer Products Corp. term loan "B" surged to 103-104 after new CEO David Kennedy announced plans to cut costs and improve cash flow; Dura Automotive Systems' second-lien bank debt fell to 87-88 from the mid 90s; and Chiquita Brands International term loan "C" fell under par after the company announced its revenues would be hurt by the E. coli scare in the U.S.

  • 27 Sep 2006
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Revlon Surges On Restructuring
Revlon Consumer Products Corp. term loan "B" surged to 103-104 after new CEO David Kennedy announced plans to cut costs and improve cash flow. The bank debt had fallen a point to 102 before a conference call Monday with analysts in which Kennedy outlined his cost cuts. "There were some sellers, but once the debt moved down buyers came back in. A lot of people have different views on the changes at the company. There is good two-way trading flow," said a trader.

Citigroup and JPMorgan lead Revlon's $850 million term loan "B." It has 101 call protection (CIN, 5/06). Revlon expects to incur $29 million of restructuring charges, according to a release. It is also in talks to amend its bank credit agreement. A Revlon spokeswoman did not return a call.  

Dura Bank Debt, Bonds Waver
Dura Automotive Systems' second-lien bank debt fell to 87-88 from the mid 90s. The bank debt has held steadier than the auto supplier's bonds, which have fallen 30 points over the past three weeks. Dura's 8 5/8% '12 bonds fell a point to 43, while its 9% '09 bonds dropped two points to 4. Dura's bonds and bank debt has been on a steady decline over the two past weeks on concerns the auto supplier is close to filing for bankruptcy. The second lien was trading around par Sept. 11. One dealer said a lot of investors are buying the second lien to hedge against the fall in the bonds. JPMorgan leads the second lien. A Dura spokesman did not return a call.   

Chiquita Brands Debt Dips On E. coli Scare
Chiquita Brands International term loan "C" fell under par after the company announced its revenues would be hurt by the E. coli scare in the U.S. The Wachovia-led term loan "C" fell to 99 5/8 – 100 from 100 1/2. Its 7 1/2% '14 notes fell two-and-a-half points to 87. A dealer said Chiquita's revenues are expected to be off by $60 million in the third quarter of 2006 from lower sales associated with the E. coli outbreaks tied to fresh spinach. Chiquita is also selling shipping assets and suspending its quarterly dividend to create long-term shareholder value. A spokesman did not return a call.       

  • 27 Sep 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 104,581.71 299 10.92%
2 Bank of America Merrill Lynch 86,347.40 249 9.02%
3 JPMorgan 80,990.39 237 8.46%
4 Wells Fargo Securities 77,934.65 225 8.14%
5 Credit Suisse 63,570.21 165 6.64%