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Misery, as Trinculo told us in Shakespeare's Tempest, acquaints a man with strange bedfellows. And in recent months they have not come much more miserable than Marconi, or its investors and bankers. The Cinderella version of the Marconi story, or saga, would have it that restructuring leaves the way clear for the company to rise, Phoenix-like, from the ashes of devastation created by its previous management, and for everybody to live happily ever after.

The number of players involved in European corporate finance advisory has increased sharply over the past couple of years. From the influx of boutiques specialising in certain areas of restructuring to the rolling out of dedicated restructuring teams at the universal banks, corporates are faced with more choice than ever before. On the large field of corporate advisory, it can be hard to identify all the players and work out in which positions they play. Where, for example, do the capabilities of traditional corporate finance advisors and investment banks end and more formalised restructuring advice begin?

Toyota Motor Credit Corporation has outperformed its US peers and appealed to European buyers to become one of the hit credit stories of the year: so much so that its closest comparables are not auto names but supranationals and agencies. Is TMCC is in danger of accelerating and leaving other corporate credits behind?

Lyondell Chemical's term loan "E" regained ground last week, changing hands in the 100 1/4 context after dipping below par the previous week. One trader said that technicals had caused the rally. "People thought the name had value at 98," he added. Others noted that the bank debt had risen with its bonds and market expectations for an economic recovery. "I don't even know why it was trading under par," another trader exclaimed.

Morgan Stanley last week deepened the original issue discount on a $245 million credit facility for Headwaters from 11/ 2% to a hefty 21/ 2% in an effort to close syndication ahead of the Labor Day weekend. Steven Stewart, cfo of Headwaters, said Thursday night the deal had not closed and no further update was available when LMW went to press Friday. As first reported on LMW's Web site last week, Morgan Stanley also increased pricing on the five-year, $220 million "B" term loan by 50 basis points to LIBOR plus 41/ 4% in order to attract more interest. A Morgan Stanley official declined to comment.

Lehman Brothers has priced the notes for INVESCO's new $300 million collateralized loan obligation, Saratoga CLO 1. The $228 million triple-A notes were priced at a respectable LIBOR plus 46 basis points, which is off the ultra-tight levels seen earlier this summer but well within those seen on a number of August deals. An official at INVESCO declined comment on the transaction. Calls to Lehman were not returned.

Plains All American Pipeline has amended its credit facility to allow room under its covenants for the acquisition of a crude oil pipeline in West Texas from Shell Pipeline, according to Al Swanson, treasurer. Among the covenant changes is a temporary relaxing of the company's leverage ratio. Until March 30, 2003, the company only has to meet a debt-to-EBIDTA ratio of five times rather than four times, Swanson noted. Plains All American drew on its credit to finance the $315 million acquisition, but it has since raised $145.1 million in the equity market to reduce its debt.

The $675 million Bank of America and Salomon Smith Barney-led credit for Rayovac Corp. is being eagerly watched as an indicator of market demand, as it acts as the first big deal post-Labor Day to be followed by a series of super-large institutional loans. The credit contains a $375 million "B" piece priced at LIBOR plus 31/ 4%, but some bankers and investors are suggesting that may be on the low end and they are anxious to see if it clears the market and sets a post-Labor Day bar for the credits to follow. "Considering the leverage, this should be at least 31/ 2% or 33/ 4%," one banker said. The loan is rated Ba3 and the ratings outlook is negative, he noted. Another said, "The summer blip is unlikely to be a one-off, and we can expect double-B deals to price north of 350 basis points."

The bank debt of cable companies received a five- to 10-point boost in the secondary market following the news that RCN had sold its New Jersey-area cable systems for $245 million. "It's the first time the market has seen a valuation of a cable property in a long time," one trader said, adding that the market received the news positively.