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Scotia Capital, Salomon Smith Barney and Bank of America had close to $200 million in commitments for Levi Strauss & Co.'s $400 million "B" piece at press time. The spread on the term loan is set at LIBOR plus 4% and the lead banks have no plans at present to alter pricing, said a banker familiar with the deal. He added that commitments were due by today. The tranche is part of an $800 million refinancing credit for the company launched Dec. 11. Pricing is LIBOR plus 33Ž 4% on the $400 million revolver. Levi Strauss currently has a $1.05 billion facility with the three banks that matures in August of 2003. Credit Suisse First Boston, FleetBoston Financial and J.P. Morgan have committed to the revolver. Scotia and B of A officials declined to comment, while a Salomon official did not return calls.

Jim Galgano retired from Morgan Stanley last Wednesday where he was the head of pass-through trading, according to several MBS officials at the firm. Galgano had spent 24 years in the securities business. A call to his residence seeking comment was not returned by press time last Thursday. Galgano spent the majority of his career at Morgan Stanley, having gotten his start in the industry working in money markets at the Bank of New York. Through mid-2001, Galgano was actively involved trading 30-year conventional pass-throughs, but over the past 18 months, firm officials say he had assumed more of an administrative role. Paul Scialla, the firm's 30-year trader, declined to comment, saying, "we'll need about a week to finalize a decision."

AES Corp.'s revamped loan has popped up roughly 10 points since its balance sheet overhaul was completed two weeks ago. Dealers said $5-10 million pieces of all the tranches changed hands. The company's new "A" loan was quoted in the 94 1/2-95 context. The "B" loan traded between the 91-92 range, and the company's "C" loan moved in the 92-92 1/2 range. Market players said the new security package, the large coupon of LIBOR plus 61Ž 2% across all the tranches and expected asset sales propelled the paper.

Libertas Partners, a new high-yield dealer based in Greenwich, Conn., has recruited two new senior saleswomen, according to Sal Abbatiello, the firm's coo and president. They are Catherine Frey, a senior saleswoman who worked most recently at Bear Stearns but has taken two years off, and Laylyn Kenyon, who has sold junk bonds at Salomon Smith Barney and Barclays Capital. Both women will be managing directors, and they bring the new firm's secondary sales, trading and research effort up to seven people. Abbatiello says he hopes eventually to make 23 more hires. "The number of extremely qualified people out there right now is unbelievable," he says.

HarbourView Asset Management, a subsidiary of OppenheimerFunds, is ramping up its first emerging market collateralized debt obligation deal. Pricing is scheduled for the first quarter. Société Générale is underwriting the $250 million deal. Calls to Bill Jaume, senior v.p. at HarbourView, were not returned. James Frischling, director and head of the CDO structured credit product group at SG, declined to comment.

Conseco's bank debt popped up from the mid-60s into the low 70s after the company filed for Chapter 11 bankruptcy last week. Market players said the filing indicated that the aggressive reorganization, which the company has been pursuing since August, will be completed expeditiously. Dealers said small pieces changed hands as high as 70-73. In conjunction with the bankruptcy filing, the company announced that it has secured an agreement in principle with holders of almost $1.5 billion in bank debt and $2.2 billion in bonds. Repeated calls to company officials were not returned by press time.

Credit Suisse First Boston was on its way to oversubscription for its Northwestern Corp. $390 million "B" term loan only one day after launching it to investors. The credit hit the market last Thursday with investor-friendly pricing, as another utility company surfaced to refinance debt. The fully underwritten credit was consumed by institutional lenders, said a banker familiar with the deal. He added that investors also liked the fact that the line was secured by first-mortgage bonds. The loan carries a LIBOR plus 51/ 2% coupon, with a 3% LIBOR floor. The high pricing emulates other utility sector credits that hit the market this quarter. CenterPoint Energy's $1.3 billion Berkshire Hathaway and CSFB-led deal priced at LIBOR plus 93/ 4% with a 3% LIBOR floor, while CSFB and TD Securities filled Tucson Electric Power's $200 million "B" piece soon after at LIBOR plus 51/ 2% with a 1% upfront fee (LMW 11/18).

Goldman Sachs effectively shut down syndication of Sanmina-SCI Corp.'s $275 million "B" piece last Wednesday after the credit was three times oversubscribed to a group of more than 50 investors. The credit was upsized from $250 million and pricing landed at LIBOR plus 4%, said a banker familiar with the deal. Pricing was initially targeted at LIBOR plus 4-4 1Ž4 %. The banker explained that the loan's borrowing base limited the credit's expansion, leading to the increase of only 10%. Investors were keen on the San Jose, Calif.-based company's credit security package, but allocations were still cut back because of the lid on capacity, he noted. Some institutional investors were initially throwing in bids for 10% or more of the credit (LMW, 12/16). A Goldman official declined to comment.

J.P. Morgan Securities reorganized its structured credit operation in New York following last Wednesday's resignation of group chief Romita Shetty (www.bondweek.com), according to BW sister publication Derivatives Week. Officials familiar with the firm's plans said Maleyne Syracuse, managing director, client management, will take over Shetty's responsibilities in origination and structuring, while Andrew Palmer, managing director, North American credit derivatives, will head the distribution effort. Syracuse and Palmer both report into Andrew Feldstein, managing director and head of credit portfolio management. A rival credit derivatives head said it was surprising that Syracuse would move into origination given her background in sales. Syracuse, Palmer and Feldstein did not return calls by press time last Thursday.

Kforce has completed a $100 million credit facility and added two new banks to its syndicate in the process. The Tampa, Fla.-based specialty staffing firm brought on board CIT Group and PNC Bank to its Bank of America-led credit, said William Sanders, chief operating officer and cfo of Kforce. "Both knew the industry and we were impressed," Sanders said of the two new banks. Beyond receiving an improved credit agreement, Kforce was interested in finding flexible financial partners to aid the company as the staffing industry changes. "As time and opportunity warrants it, we will do other business with the new banks," Sanders also said, noting that B of A presently offers treasury services to the company. Fleet Capital continues to be a member of the syndicate, he added.

Lehman Brothers flexed up pricing last Monday for the $350 million credit backing the buyout of US Investigations Services (USIS). A banker stated that the line filled a few days later, but this could not be confirmed by press time. The facility was half subscribed just before the pricing increase, according to another banker familiar with the deal. The $225 million "B" loan was flexed up to LIBOR plus 4% from LIBOR plus 33Ž 4%, while pricing on the pro rata, consisting of a $75 million "A" loan and $50 million revolver, was upped to LIBOR plus 31Ž 2% from LIBOR plus 31Ž 4%. The institutional piece also has a 1% original issue discount increased from 1/4%, the banker added. A Lehman official declined to comment.

Global Crossing's debt ticked up last week after the company received court approval for its plan to emerge from bankruptcy. Traders said the name changed hands as high as 19 early last week and by week's end the company's "B" piece was quoted in the 19-20 range. The name has been moving up from the mid-teens over the last month. Global Crossing plans to emerge from bankruptcy in early 2003. Calls to Dan Cohrs, cfo, were referred to a spokeswoman, who referred questions to court documents and releases.