Search results for

Credit Suisse First Boston and Salomon Smith Barney launched a $375 million term loan "B" for Terex on May 31, that will refinance existing debt and back the acquisition of Demag Mobile Cranes. A banker said the seven-year "B" loan has a spread of LIBOR plus 21/ 2%, while the company currently carries a BB-/Ba3 rating. The company's lifting equipment includes cranes, material handlers, work platforms, and similar devices for construction and industrial customers.

Credit Suisse First Boston has lost another European credit strategist from its London-based team. Christopher Cloke-Brown left the firm last week, just a few days after Evan Kalimtgis, head of European credit strategy, resigned to join Dresdner Kleinwort Wasserstein, according to officials familiar with the move. A senior CSFB research official would not confirm Cloke-Brown's departure, but said he was actively looking to replace Kalimtgis. Cloke-Brown's destination could not be learned by press time.

Merrill Lynch has lost a multi-billion euro mandate to Deutsche Bank for a collateralized loan obligation because of the defection of two key bankers from Merrill to Deutsche Bank, according to several high-level European securitization officials. As reported by LMW sister publication BondWeek, the mandate from Bankgesellschaft Berlin originally won by Merrill, was pulled after two of its German securitization bankers left for Deutsche Bank, said officials.

Fitch Ratings has added an analyst to its London-based asset-backed commercial paper team as part of its effort to staff up structured finance coverage. Emma-Jane Fulcher, who used to run ING Barings' Mont Blanc commercial paper conduit, will join next week and report to Fiona Steel, associate director, European structured finance. Steel says Fitch now has four analysts covering European commercial paper and may make more hires next year. An ING spokesman did not respond to inquiries concerning Fulcher's replacement by press time last Thursday.

Goldman Sachs and J.P. Morgan will launch syndication of a $450 million bank deal and $275 million of subordinated debt for GS Capital Partners 2000 in late June, backing the acquisition of Berry Plastics with a highly leveraged deal that is expected to test market appetite for the expected spate of leveraged buyouts in the works. Bankers said the debt package will comprise a total leverage multiple well over five times--an aggressive play for a plastics company.

UBS Warburg's deal for Herbalife has reportedly filled up without a price flex or structural enhancements, according to bankers. Many in the market had doubts concerning the credit, citing a list of factors including the lack of security, a lack of Food and Drug Administration approval on some Herbalife products and the tiered sales structure whereby commission is collected by those who recruit others to sell the company products. But investors also liked the 1.4 times senior secured leverage and the company's cash flow, said a banker. UBS officials declined comment.

Last week was quiet following the holiday, say traders. New issues continued to trade well. Tycoand Dynegywere among the weaker names. Here was other action through last Thursday.

Interstate Bakeries has added a new $100 million "C" term loan to its J.P. Morgan-led $800 million credit. The add-on was completed on a best-efforts basis with the institutional market picking up the exposure for the new paper. Paul Yarick, treasurer at the company, declined to name the institutions involved. "We had a pretty stable base of institutions that we have been dealing with and they seem to like our credit and we call them up when we are ready to do something," commented Frank Coffey, company senior v.p. and cfo.

When Amcor spent A$2.875 billion on assets of German company Schmalbach-Lubeca, it found itself with quick and hefty equity requirements. It set out hoping to raise some equity immediately, with deferred equity rights down the road – but the market was so keen on the story, Amcor got all it needed up front. By Chris Wright.

AriaWest and Telkom are close to resolving one of the most acrimonious corporate disputes in Indonesia's turbulent history. But it's not over yet; not until it is approved by a diverse group of lenders. Even if the deal does go through, the messages it sends about foreign investment in emerging markets ventures are worth heeding. By Chris Wright and Maggie Ford.

Following a year of disciplinary nightmares in Asia, CSFB appointed Paul Calello chairman and CEO for the region in March – the first time the continent has warranted a CEO position. His arrival is symptomatic of the way global CEO John Mack is trying to revamp the entire firm. Calello explains some of those changes to Chris Wright.

There were no fireworks in the Japanese securitization sector this year, but progress has been strong and steady, with a good range of deals. Fiona Haddock looks at some of the more innovative transactions.