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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.

J.P. Morgan has priced the notes for Bank of Ireland's debut collateralized loan obligation, the $467 million Partholon CDO I, which will invest in both Western European and U.S. loans.

No, it's for the other president...At The Bond Market Association's CDO Investors conference held Tuesday at the New York Helmsley hotel, two blocks from the United Nations building, Christopher Ricciardi, a managing director at Merrill Lynch, poked fun at Micah Green, president of the association.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

Per-Se Technologies completed a refinancing plan in which the Atlanta-based company was able to reduce its debt levels and annual interest expenses. The refinanced package includes a new $175 million credit and a $146.6 million completed tender offer. Bank of America and Wachovia Securities lead the facility, which includes a $125 million "B" term loan and a $50 million revolver, said Michele Howard, v.p. of investor relations. "We thought they presented the best of ideas," she said of the lead lender selections, explaining that the two banks did not lead the previous $50 million revolver. B of A handles the cash management system for the healthcare business management outsourcing company, Howard stated, explaining Per-Se's past relationship with the bank. GE Capital led the previous credit and is now involved in the new revolver, she noted.

BNP Paribas will launch syndication tomorrow of a $150 million credit for CKE Restaurants, the parent of fast-food chains Hardee's and Carl's Jr., against the backdrop of a saturated quick-service restaurant (QSR) market and waning consumer demand. But Executive V.P. and CFO Ted Abajian said the company is betting on a premium quality, 1/4-1/2 pound, Angus beef hamburger at its lagging Hardee's chain to improve sales, rather than go the healthier route espoused by industry analysts.

The market for General Cable Corp.'s bank loan was a touch stronger last week following the company's recent filing of a shelf offering for up to $100 million in new bonds or equity. The bank debt was quoted in the 89-92 context by the end of last week, up from the 881/3-911/2 range, according to LoanX. If the company issues equity, the proceeds of the offering will be applied proportionally to the company's "A" and "B" term loans, explained Christopher Virgulak, executive v.p. and cfo of General Cable. But the "B" note holders have the right to decline the pay down, in which case the proceeds would be applied to the "A" loan until the piece is completely repaid, he added.

Smart & Final is in the midst of "retooling" its $175 million credit agreement after it was out of compliance with some covenants, said Jan Berger, v.p. and treasurer. He explained that after the company divested certain businesses, Smart & Final took write-downs in the second quarter, resulting in a net loss of $69 million, which tripped the breached covenants. Berger noted that the food and food supply warehouse store operator received a waiver on its asset-based credit through Oct. 5 so it can get new provisions in place. BNP Paribas leads the revolver and has been open to the credit agreement restructuring plans, Berger said. A BNP Paribas banker did not return calls.

Sun Capital Partners, fresh off 14 acquisitions this year, plans to raise another fund once it finishes investing the rest of its current $500 million fund, said Jason Neimark, principal. There is still about $430 million left on the Sun Capital Partners III fund and it is still too soon to anticipate the size of the next one, he noted. The fund, which was raised last January, originally had more than $2 billion in commitments, he noted. The commitments are not being rolled over into a future fund. Participating in Sun Capital's funds are financial institutions, fund-of-funds investors, university endowments, pension funds, and high net worth individuals, families and trusts.

Fitch Ratings' outlook on Tesoro Petroleum Corp.'s BB- rated senior secured debt has been changed to stable from negative, reflecting the company's improving capital structure. The company has repaid its $125 million secured term loan. "We're very much focused on reducing debt," said Scott Spendlove, Tesoro's v.p. finance and treasurer. He noted that the company is currently operating with a debt-to-capital ratio around 63% and would like to reduce that ratio to the mid 50% range by the end of next year.

UBS wrapped up a $175 million asset-based credit for Broder Bros. last week, said Howard Morof, cfo. The credit backs the sportswear distributor's acquisition of Alpha Shirt Company for $232 million from Linsalata Capital Partners, a Cleveland-based private equity firm (LMW, 7/28). Earlier this month, Broder Bros., which is majority owned by Boston-based private equity firm Bain Capital, also sold $175 million of seven-year, 111/4% notes to further finance the acquisition. Bain put about $76 million into the transaction, said Yoo Jin Kim, a principal at Bain.