Distressed Investors Move In On Collins & Aikman

Distressed debt investors swooped down on Collins & Aikman's debt after the bank loans took a massive dive late last week. Traders reported that the $470 million "B" loan was at 74-76, up two points from Friday's bid.

  • 29 Jun 2005
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Distressed debt investors swooped down on Collins & Aikman's debt after the bank loans took a massive dive late last week. Traders reported that the $470 million "B" loan was at 74-76, up two points from Friday's bid.

The major action took place at the end of last week following a private lender call. According to a trader, lenders were told the EBITDA numbers were moving lower. This caused the debt to fall from 91 3/8-93 3/8 to 72. The company also has $915 million in senior and subordinated bonds. The company's 10 3/4 '11 notes are bid at 26 1/2. This is 17 points below the auction held by Markit Group and Creditex earlier this month to settle Credit Default Swap index trades referencing the debt.

There were also rumors that the company, owned by Heartland Industrial Partners, would miss a DIP payment, but a spokesman for the company responded that there have been no missed payments. The next payment is due the first of this month, he noted. He could not comment on whether it will be made.

The plastic auto-parts manufacturer filed for bankruptcy in May. JPMorgan has provided a $300 million debtor-in-possession financing. JPMorgan, Credit Suisse First Boston and Deutsche Bank lead the plastic auto-parts manufacturer's pre-petition bank debt, which also includes a $105 million revolver and a $170 million supplementary revolver.
  • 29 Jun 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 300,564.69 1167 8.07%
2 JPMorgan 292,705.55 1273 7.86%
3 Bank of America Merrill Lynch 274,298.19 930 7.36%
4 Barclays 227,796.85 849 6.12%
5 Goldman Sachs 201,953.92 668 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 BNP Paribas 43,084.26 173 7.10%
2 JPMorgan 38,694.99 77 6.38%
3 Credit Agricole CIB 32,927.59 157 5.43%
4 UniCredit 32,342.86 144 5.33%
5 SG Corporate & Investment Banking 31,187.44 119 5.14%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,840.88 54 8.97%
2 Goldman Sachs 12,059.06 58 8.42%
3 Citi 9,451.48 53 6.60%
4 Morgan Stanley 8,054.41 48 5.62%
5 UBS 7,829.15 30 5.47%