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Wachovia Bank has taken over the lead role from Fifth Third Bank to refinance and increase the bank debt of Latrobe, Pa.-based Le Nature's. Wachovia is providing a $200 million bank facility for the beverage producer. The new line comprises a $40 million revolver, a $125 million "A" loan and a $35 million capital expenditure facility, with pricing set at LIBOR plus 41/2%. The refinancing replaces existing debt and expands the facility, said John Higbee, cfo at Le Nature's. Higbee declined to disclose the size or pricing of the previous loan, but he said, "We're adding to our plants all the time."

The bank debt for Wyndham International regained ground as the company got a step closer to completing an amendment that will push out the maturity of the company's increasing rate loan (IRL) to align it with the 2006 expiration on its "B" loan. Market players said both pieces of paper were trading stronger after the company's bank meeting early last week with the "B" loan moving up about two points to the 74 1/2 75 1/2 context. Furthermore, the IRL, which used to trade at about a five-to-six point premium to the "B" piece, is now quoted in the 76 1/2 77 1/2 range. If the amendment gets approved the "B" and IRL essentially become the same piece of paper, one trader said, explaining the convergence between the two pieces.

Broadwing has amended its $1.8 billion credit line, completing a critical element of its recapitalization plan and providing the telecom-service company with the liquidity necessary to meet obligations until 2006. Broadwing amended the credit led by Bank of America and Salomon Smith Barney primarily to extend debt maturities. The renegotiated deal came at a cost though--an increase in pricing and a $220 million reduction in loan size. "We have what we need now," said Tom Osha, chief of staff at Broadwing. "Without the amendment we would have run into a liquidity issue late in the fourth quarter of this year."

The acquisition credit for Carlyle Management Group's acquisition of Breed Technologies on behalf of Key Automotive Group is still presenting a tough sell, as investors eye auto-sector deals with caution. Merrill Lynch Capital and Citibank have already altered pricing and the structure of the credit, carving a $50 million, six-year silent lien "C" loan out of the senior debt and pricing it at LIBOR plus 10%. The $210 million "B" is priced at LIBOR plus 41/2% and the $100 million revolver is priced at LIBOR plus 4%. Michele Kovatchis, the banker at Merrill working on the deal and a Citibank spokeswoman declined comment. Prior to the changes the credit consisted of a $110 million revolver and a $250 million "B" piece.

St. Marys Cement recently tweaked its five-year $300 million term loan to allow the company to transfer certain shares to a newly formed company to allow for tax savings. While St. Marys Cement has received approval from the Canadian Tax Authority for the transfers, it needed to amend its facility so the transfers would not be restricted under the terms of its credit agreement because the facility is secured by all the stock in the company's group. It was an amendment that the company needed to receive to complete its tax reorganization, commented Mike Pengelly, St. Marys Cement cfo.

Bank of America held a bank meeting last week for Stewart Enterprises to increase its "B" level debt by $50 million for the redemption of its Remarketable Or Redeemable Securities (ROARS). The Metairie, La.-based funeral home and cemetery operator is expected to redeem the $99.9 million outstanding ROARS in May and the company wants to have the additional "B" debt rather than use its revolver exclusively, according to Martin de Laureal, v.p. of investor relations for Stewart. The company has availability under its $175 million revolver to fund the ROARS redemption, but by tapping the "B" market the company will enhance its liquidity after the transaction and will still have $70 million on the revolver rather than $20 million, he noted.

Centennial Communications' Centennial Cellular credit has been rallying since the company came out with healthy numbers for its third quarter results last month. Traders said the name was trading actively over the last couple of weeks with levels creeping up into the 82 1/2 83 1/2 range from the high 70s context, where the paper had languished for more than three months. One seller said he was able to unload the paper at levels higher than he expected, noting how his firm had considered the paper a non-performing asset for some time. Centennial announced that adjusted EBITDA was $68.1 million for the third quarter, up about 21% from the same time period last year. Thomas Fitzpatrick, Centennial's cfo, could not be reached by press time.

The bank debt for bankrupt battery-maker Exide Technologies slumped this week from the low 60s with dealers quoting the market for the paper wide at 55-60. Pieces were said to have traded at 55 and 54, but those trades could not be confirmed. The latest trades occur as the Official Committee of Unsecured Creditors and R2 Investments go after liens to the assets and capital stock of Exide's foreign subsidiaries that were granted to the pre-petition bank debt holders. This credit is a good example why investors shy away from transatlantic deals, said one buysider. He also noted that the dragging out of the case was putting pressure on the name.

Fleming Companies' pre-petition bank debt levels held their ground after the company filed for bankruptcy last Tuesday. Bank debt players said the "B" piece traded in the low 80s. Holders of the company's 101/8% senior notes were not as fortunate, as the market for their securities dropped into the high teens from the mid-20s two weeks ago. Dealers and buysiders said adequate protection, good asset value, and the strength of the company's retail distribution business were some of the factors propping the bank debt levels. Some are concerned, however, with how vendor claims will be treated in the reorganization process.

Allied Waste Industries will be launching a $3 billion refinancing deal to retail this Wednesday and market players are eyeballing the $1.5 billion "B" piece's LIBOR plus 31/2% coupon. While the question was raised of whether pricing was aggressive enough to attract enough interest, bankers and investors said the name was too big and too liquid to be passed up by investors. J.P. Morgan and Citibank are leading the credit with UBS Warburg, Credit Suisse First Boston and Deutsche Bank also acting as top tier agents. Bankers on the deal either declined to comment or did not return calls.

David Morin jumped from Morgan Stanley to ABN Amro last week to join the firm's trading operations. At ABN he will be reporting to Catherine Yelverton, global head of secondary loan trading, who has been establishing the firm's secondary bank loan presence since the effort got underway last April. Morin had been working as an analyst in Morgan Stanley's credit department, but he began his stint on the loan desk as a trader's assistant to Robert Franz, who now works at Credit Suisse First Boston. Morin confirmed his arrival at ABN. A spokesman from Morgan Stanley confirmed his departure.

Insurance giant AIG is in the market warehousing loans for a new collateralized loan obligation, as the firm seeks to be opportunistic with the current spreads on offer. There are good yields available, though the liabilities right now are expensive, explained a market source. AIG would like to be in a position to launch the new CLO within the next couple of months, he added, noting that the plans are still at an early stage. AIG has created a warehouse line with a bank--that could not be determined--but has not yet chosen the lead to raise the debt, the source said. The potential CLO will add to the massive $4 billion AIG has in loan assets under management and would be the firm's fifth structured loan vehicle. Officials at AIG declined comment.