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Cube Acquisition Corp., an entity controlled and created by Trimaran Capital Partners and Bear Stearns Merchant Banking, has closed on a $170 million credit backing the $450 million acquisition of Packaged Ice. The deal's $135 million "B" loan was heavily oversubscribed, said Bill Phoenix, managing director at Trimaran, noting that pricing on the tranche was flexed down from LIBOR plus 31/2% to LIBOR plus 3% during syndication. Pricing on the "B" loan is also tied to a leverage-based grid with step-down provisions to the LIBOR plus 23/4% pricing level, he added. The deal also includes a $35 million revolver. There is a $150 million high-yield component included in the acquisition, he noted.

A $5-10 million auction of Edison Mission Midwest Holdings' bank debt was said to have failed last week after the seller of the paper was unable to receive the desired price for the loan. Dealers said the seller was looking for a better price than the 82-84 market where the paper was quoted. The identity of the seller could not be confirmed. One trader said the market has stopped talking about the fundamentals of the company and is just looking for levels for where the bank debt is trading. Prices for the bank debt have been sliding downward from the 90s since late last month.

ABN Amro priced a A$750m securitisation this week for Australian Mortgage Securities Ltd (AMS), the joint largest domestic deal of the year.

Six shortlisted banks - Citigroup, Credit Suisse First Boston, Deutsche Bank, JP Morgan, Morgan Stanley and UBS - gave presentations this week to the management of Pertamina, Indonesia's oil and gas company, for its debut issue in the international bond markets.

CSK Corporation on Monday sold ¥20bn of convertible bonds into the Euroyen market and achieved the highest ever conversion premium to date for a Japanese issuer.

Australia

Australia

Australia

AUSTRALASIA

The roadshow for the latest Japanese real estate investment trust (Reit) was launched this week, as lead managers Merrill Lynch and Nomura sought to attract investors to the ¥50bn IPO of Tokyu Reit.

"For credit derivatives, while Japan is still ahead of ex-Japan Asia, the gap has been breached quite significantly."--Chris Nicholas, managing director and head of Asian credit markets at JPMorgan in Hong Kong, explaining the motivation behind moving the Asian head of structured credit products to Hong Kong. For complete story, click here.

Amount: A$750m