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Matlin Patterson Asset Management has provided portfolio company Oxford Automotive with interim financing as the metal-formed systems supplier broods over the task of finding alternative financing. The Troy, Mich.-based company made a failed attempt late last month to complete a $240 million notes deal and a $75 million credit facility. The notes deal was pulled on account of market conditions, according to a spokeswoman. Lehman Brothers and Credit Suisse First Boston were leading the bond deal. It could not be confirmed if they were arranging the credit as well. Lehman and CSFB bankers did not return calls.

Merrill Lynch is boosting its European distressed trading desk by transferring Kevin Lydon, a managing director and distressed bank loan trader, to London. Lydon will be a senior trader for distressed bank loan trading. It could not be determined when he would leave for London. Michael Lee, a v.p. and analyst on the firm's distressed debt desk, and Brandt Wilson, a Merrill Lynch director who was most recently trading distressed bonds, have been slated to fill Lydon's spot. Lydon referred calls to a spokesman. Wilson and the spokesman declined comment. Graham Goldsmith, a managing director and head of Merrill Lynch's global debt, and Lee did not return calls. Lydon will continue to report to Goldsmith. The distressed debt market in Europe is said to be attracting growing interest from U.S. investors (LMW, 5/4).

When Julie Bouhuys, head of Wachovia Corp.'s credit capital markets group, took the helm of the newly reorganized group a little more than a year ago, credit deterioration was still on the rise. Bouhuys reflects on how Wachovia has changed both its mindset and approach to credit and how portfolio management is evolving in the industry.

Art de Pena and Robert Gianni, both directors and loan salesmen at Credit Suisse First Boston and UBS, respectively, will soon start at The Royal Bank of Scotland where they will become senior vice presidents for RBS's leveraged loan sales and trading team. Both de Pena and Gianni have already resigned from their previous positions. David Petrucco, senior v.p. of leveraged loan syndication, sales and trading for RBS, said Gianni and de Pena would be the two senior salespeople on RBS' leveraged loan sales and trading desk. He noted that the additions would complement RBS' expansion of its leveraged loan sales and trading efforts in North America, but declined to comment on whether or not additional hires would be made.

Waste Industries USA has refinanced its revolver, reducing it from $200 million to $175 million, but with the option to re-expand. "We never utilized much of [the previous facility], so we were very comfortable in reducing the size of the initial request because we have the ability to go up to $200 million at any time prior to maturity," said Steve Grissom, Waste Industries' cfo. He said the Raleigh, N.C.-based garbage company had tapped less than half of the credit in the past.

Weakened industry fundamentals in the wireless sector continue to affect Dobson Communications Corp., said Rosemarie Kalinowski, a Standard & Poor's analyst. There continues to be declines in roaming yield. Roaming revenues account for 30% of overall revenues and are derived from Dobson providing service to subscribers of other wireless providers when those customers use Dobson systems to carry their calls. Also, competition risk looms, particularly from national carriers, when number portability comes into effect in the top 100 metropolitan areas in November. Number portability will allow cellular customers to change service providers without switching phone numbers.

CB&I completed an expandable $350 million, three-to-five year credit facility led by Bank One and Bank of America that doubles its previous available credit. The credit increase gives the Texas-based utility engineering company room to grow, according to Tim Moran, treasurer of CB&I. The deal consists of a $350 million, three-year revolver priced at LIBOR plus 11/2% with a five-year performance letter of credit priced at LIBOR plus 1%. The revolver is expandable to $400 million. CB&I's previous $175 million credit, led by the same two banks, was refinanced with the new facility, said Bank One officials.

Charter Communications is rumored to be circling the bond market for a potential new issue to take out near-term maturities. The company's "B" loan remained relatively unchanged in the 941/4 95 range. Last month, Charter was pursuing a $1.7 billion proposed note sale to back a tender offer for some of its senior notes and senior discount notes, but shelved the deal after the market conditions turned, making the transaction economically unattractive (LMW, 8/25).

Chemtrade Logistics Income Fund added C$40 million in term debt to its existing credit facility to help back its Chemtrade Pulp Chemicals affiliate's C$117.3 million acquisition of the B.C. Chemicals (BCC) business of Canadian Forest Products. The credit facility, which includes both U.S. and Canadian dollar tranches, has been incrementally increased as the company has made more acquisitions, explained Victor Wells, v.p., finance and cfo.

The bank debt for Choice One Communications continued to strengthen last week as rumors circulated regarding a significant buyer of the paper. The identity of the buyer could not be confirmed. A $10 million piece of the name traded in the 43-44 context. The name has been ticking up and out of the 30s over the last two months, particularly after the integrated communications provider reported stronger financial results for the second quarter. Choice One has a $125 million "A" term loan, a $125 million "B" piece, $43.284 million on its "C" tranche, $2.625 million on its "D" loan and $100 million outstanding on its revolver. Ajay Sabherwal, Choice One's executive v.p. and cfo, referred calls to a spokeswoman, who declined comment.

J.P. Morgan has launched syndication of a $100 million add-on "B" piece for Church & Dwight Co. in order to help back the Arm & Hammer brand owner's purchase of the toothpaste brands from Unilever. The add-on is priced at LIBOR plus 21/4%, according to market players. The new debt will tack on to Church & Dwight's $510 million credit that was completed in 2001 to in part support past acquisitions of USA Detergents and Carter-Wallace's anti-perspirant and pet care businesses.

Citigroup and Merrill Lynch juiced up Cinram International's $900 million "B" piece last week in order to lure more investors into the loan for the DVD and CD manufacturer. The tranche had been slogging along since syndication launched under three weeks ago. Concerns over technology risk, contract expiration and Canadian tax laws were issues that investors were grappling with, buysiders said.