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Last week, Euromoney Seminars held its first U.S. Syndicated Loans Summit at the New York Marriott East Side Hotel in Midtown. LMW staffers were on hand to file the following stories.

Wyndham International's bank debt has regained considerable ground since the company reached an agreement with its lenders to extend the maturity on its revolver and increasing rate loan from June 2004 to April 2006 and reduce the size of the facility. The company's IRL traded as high as the 91 level and its "B" loan was quoted in the mid-80s. Earlier this month, the IRL was quoted in the 83-841/2 range and the market for the "B" loan was 801/2 811/2 (LMW, 6/2). People assume at some point that the loan will be redone, said one trader, explaining the uptick.

Two European loan asset managers are raising debt for collateralized loan obligations. AIB Acquisition Finance, a unit of AIB Capital Markets established to arrange and invest in leveraged finance transactions, is in the market with Galway Bay, a $471 million CLO, with Morgan Stanley underwriting the notes. Intermediate Capital Managers, a U.K.-based asset manager that moved away from bond deals to loan deals (LMW, 11/17), is raising debt for Eurocredit CDO III, a $270 million deal underwritten by Credit Suisse First Boston. Both deals will invest in the burgeoning European leveraged loan market.

Fisher Scientific International plans to issue new debt and use its existing credit to fund the $714 million acquisition of Sweden-based Perbio Science, a manufacturer of technologies, products and services to the life science and biotechnology industries. A Fisher spokesperson said the wholesale scientific equipment company currently has a bridge loan commitment that will be replaced by a permanent credit facility and new public debt before closing the acquisition.

Frontier Oil Corp. has scored a $175 million credit that will increase to $250 million upon the oil refinery company's $450 million merger with Holly Corp., expected in August. When the line is increased, the eight-bank syndicate will increase to 11 lenders, said Julie Edwards, cfo. "You never want to stretch the banks to the full limit of their capability," she added, explaining why the larger deal will have a wider syndicate. The revolver is led by long-time relationship banks Union Bank of California and BNP Paribas. FleetBoston Financial, Guaranty Bank and Southwest Bank of Texas will be the three new lenders, Edwards noted. "We still believe in the relationship business," she said.

Global Crossing's bank debt inched up higher in the secondary market as the company's current deal to be acquired by Singapore Technologies Telemedia comes under pressure. The loan was quoted slightly higher in the 223/4- 231/2 range after a bank meeting last Tuesday. One trader suggested there may be room for a bidding war between ST Telemedia and XO Communications and Chairman Carl Icahn, which have also made an offer to acquire the company. The loan retreated into the 22-23 range after XO and Icahn revised their offer for the company and its bank debt.

Hayes Lemmerz International emerged from bankruptcy with a $550 million credit, $250 million of notes and two new lead banks that arranged both transactions. The global supplier of automotive and commercial wheels, brakes and other components selected Citigroup and Lehman Brothers to lead the debt deals after receiving several proposals from a large number of potential financers, said James Yost, v.p. of finance and cfo. "We felt both of them were the best of the bunch," he noted of the two leads and their proposed financing packages. CIBC World Markets led the company's pre-petition debt and did not submit a proposal to lead the new deal, Yost added.

New issuance in the high-yield market continues to push up names in the secondary loan market, with Calpine Corp. and Reliant Resources the latest to join the party. Calpine's "B" loan traded into the 995/8 range Thursday morning after the company announced it was pursuing a private placement of $1.8 billion of second-lien senior secured notes and term loans. Goldman Sachs is the lead arranger on the deal, according to market players. Proceeds from the transaction have been pegged to repay $950 million of Calpine's "B" piece and $450 million of the company's revolver. Given how the loan is trading, the market seems to think Calpine will be able to get the deal done, said one trader. Spokeswomen for Calpine and Goldman declined to comment.

The $170 million bank deal backing the $450 million acquisition of Packaged Ice by Trimaran Capital Partners and Bear Stearns Merchant Banking already had three tickets in for the $135 million "B" loan last week, well ahead of the bank meeting. A banker familiar with the deal said the actual syndication will probably not launch until mid-July. He did not specify the level of subscription. The bank meeting had been postponed because the company is waiting on regulatory reviews, another banker explained. CIBC World Markets, Credit Suisse First Boston and Bear Stearns are leading the facility. CIBC and CSFB officials declined to comment. A Bear Stearns banker did not return calls.

The notes for Stone Tower Capital's $325 million debut collateralized loan obligation, which contains a substantial number of Credit Suisse First Boston-led loans, have priced. A banker said Stone Tower is augmenting the deal with some additional buying of secondary loans, but amounts could not be determined. Stone Tower bought a pool of loans, both pro rata and institutional, from CSFB for the vehicle, which one buyer of CLO paper called, "very compelling, very different and very interesting" (LMW, 6/1).

Morgan Stanley has priced the notes for GoldenTree Asset Management's latest collateralized loan obligation, GoldenTree Loan Opportunities Fund II. The deal ended up being $375 million, which is $75 million more than market talk indicated, said a banker. The vehicle is rare in the market for enabling the manager to purchase up to 30% distressed and stressed loan assets (LMW, 6/8). Also, like the mammoth $700 million GoldenTree CLO, the new fund has a revolver within the CLO. This is up to 15% of the vehicle, said a banker. GoldenTree's lead loan portfolio manager, Fred Haddad, did not return calls.

NationsRent has emerged from Chapter 11 bankruptcy as a privately held company with an $80 million capital infusion from The Baupost Group and a new $150 million revolver from Wachovia Bank and GE Capital. Ft. Lauderdale, Fla.-based NationsRent filed for bankruptcy in December 2001. The Baupost Group and Phoenix Rental Partners--formed by Bryan Rich and Douglas Suliman with the explicit purpose of acquiring NationsRent's debt securities--started buying up the company's bank debt in June 2002, explained John Scherer, treasurer of NationsRent. The claims of the company's pre-petition senior secured lenders and general unsecured creditors have now been converted into new equity, he said.