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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.

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.

More and more bankers may be leaving the rough-and-tumble world of Wall Street, but few can match Alan Goehring's achievements since leaving Credit Suisse First Boston a couple of years ago. The one-time distressed debt securities analyst recently took home $1,011,886 in the championship event of the World Poker Tour to become the top player, according to Poker Mag, a Website for poker fans. Goehring, an aggressive player who wears sunglasses during games, says he does not care about making the money, just winning. He also noted that his work experience has helped him in poker because in the final analysis, both are about taking advantage of favorable risk-reward opportunities.

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.

Citigroup's role as lead agent for Mirant lenders in a $5.3 billion debt restructuring could be clouded by a potential conflict of interest, according to two financiers involved in the deal. The issue, they say, is if the Atlanta-based IPP is forced by Citi and other lenders to file for Chapter 11 bankruptcy protection, the financial services behemoth would be released from making a $344 million payment in an unrelated complex convertible debenture transaction.

Pacer International has recently tapped the bank loan market for a new $330 million credit. This will enable the company to redeem $150 million of 113/4% senior subordinated notes that are set to expire in 2007, said Lawrence Yarberry, executive v.p. and cfo of Pacer. The timing of the deal was based on the current low interest-rate environment as well as the notes becoming callable on June 1, he added. The notes were originally issued in May 1999.

Oak Hill Special Opportunity Management, an affiliate of Oak Hill Advisors and Oak Hill Capital Management run by billionaire Robert Bass and his investment team, is out raising additional capital for the Oak Hill entities' first dedicated distressed debt fund. The fund will invest in both bonds and bank debt of distressed companies and will also look to take private equity stakes in distressed companies. It is primarily active and seeks to control and influence companies, an industry official familiar with the situation told Alternative Investment News an LMW sister publication. The Oak Hill Special Opportunities Fund had a first closing about eight months ago and raised approximately $300 million, the official said. Oak Hill is planning a second closing in the third quarter and is hoping to hit a total of $500 million, he said.

Hedge fund Silver Point Capital is stepping up to provide an $80 million second lien piece for bed and auto cushioning production company Foamex International, the latest twist on alternative financing options for needy borrowers. The loan was sought after the company's assets could not cover all of its debt in an asset-based credit, a banker explained. "It's a story credit," he noted. Silver Point is also leading a second lien piece for Fleet Securities' $65 million deal for Jacuzzi Brands that is set to close next week. The two second lien loans are Silver Point's first two stand alone deals, according to market players, and other hedge funds are looking to get in on the act.

Tom Brown, an exploration and crude oil and natural gas production company, has landed a new $425 million senior unsecured bank credit facility and a $155 million bridge loan to finance the $373 million acquisition of Matador Petroleum Corp. J.P. Morgan is leading both lines. The old $300 million revolver did not have the capacity to finance this transaction, noted Mark Burford, assistant treasurer of Tom Brown. A company "can't always choose the timing for an acquisition, but rather must act when an opportunity presents itself," he explained. "Tom Brown regularly evaluates opportunities for acquisitions, and when a company [like Matador] that fits your requirements becomes available, you have to take advantage of that opportunity," he added.

The $360 million "B" loan backing the acquisition of TransDigm Holding Company by members of senior management and an affiliate of private equity firm Warburg Pincus was nearing oversubscription late last week. Credit Suisse First Boston and Bank of America are leading the $440 million deal that was pitched to investors last Tuesday. The seven-year "B" loan is priced at LIBOR plus 33/4%, while the credit's six-year, $80 million revolver is priced at LIBOR plus 31/2% and includes a 50 basis point up-front fee. GE Capital and UBS Warburg have also signed onto the facility as co-documentation agents, a banker said. There is a $300 million notes deal tied to the transaction.