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U.S. Liquids, a liquid waste management company based in Houston, is looking to refinance a $100 million revolver led by Bank of America and Fleet Bank this summer. The existing line was set to mature this month, but has been extended to June 2, after an extension was provided to allow for an audit to be completed, said a source familiar with the situation. The same banks are likely to lead, he added. Earl Blackwell, cfo of U.S. Liquids, confirmed the refinancing, but declined further comment, including potential pricing or exact timing of the launch. Pricing on the existing line, reduced from $111 million at the time of the extension, is LIBOR plus 33/ 4%, according to Capital DATA Loanware.

Merrill Lynch last week priced notes backing its $350 million collateralized loan obligation, Longhorn CDO II, which will continue to ramp up a small percentage of assets. Merrill Lynch Asset Management is manager on the deal and, according to a banker familiar with the situation, it is the underwriter as well. There is an outside third-party equity investor that could not be determined by press time. The deal is structured as a cash-flow arbitrage transaction with investment-grade bank loans and high-yield debt as collateral. Percentages of the two asset classes could not be determined. Calls to officials at Merrill Lynch were not returned by press time.

Nextel Communications traded down from 86 1/4 to 84 1/2 last week amid mixed market feelings. Buyers and sellers could not be determined. Falling from the 89-90 range earlier this month, the liquid name has begun to crossover to the distressed side. Some traders defend Nextel, speculating that dealers have been unloading the paper to purposely push the price down. But others point to equity and bond prices, which have also experienced dips.

Moody's Investors Service has placed the ratings of Trumbull, Conn.-based Oxford Health Plans under review for possible upgrade based on a continuation of favorable financial performance and upstream dividend capabilities, primarily from the New York subsidiaries. The senior secured bank facilities are rated Ba3. Moody's also notes a growth in membership exceeding earlier expectations. Oxford Health is a managed care company providing health benefits programs to approximately 1.5 million members in the New York metropolitan market. The company's debt levels are low and dividend capabilities relatively favorable to the debt, according to Moody's. The rating agencies will consider the company's strategy for both membership and shareholder growth, including possible acquisition activity. Calls to spokeswoman Maria Gordon Shydlo were not returned.

Temple, Ariz.-based Mobile Mini, a provider of portable storage units and offices, has switched its lead lender from Deutsche Bank to Fleet Capital after Fleet offered better pricing on the $250 million revolver. The lead spot was put out to bid and Fleet provided the best deal, said Larry Trachtenberg, executive v.p. and cfo. Deutsche Bank remains the investment bank of choice for Mobile though, he added, as the firm has done equity offerings for Mobile.

Japan Finance Corporation for Municipal Enterprises (JFM) this week overcame negative sentiment towards Japan and Japanese government guaranteed issuers (JGGIs) to launch an oversubscribed 10 year global bond. The book for the ¥130bn transaction was reportedly oversubscribed yesterday (Thursday), totalling around ¥175bn, and the issue is expected to be priced today (Friday) at 5.30am London time at 7bp over the JGB 236, in the middle of the 6bp-8bp indicated range.

Merrill Lynch has underwritten a minimum A$275m placement of shares in MIM Holdings, the fourth largest metals and mining stock on the Australian Stock Exchange (ASX), in the latest example of an Australian company funding a strategic acquisition through an international stock placement. Brisbane-based MIM announced yesterday (Thursday) that it had agreed to pay Rio Tinto Group $166m (A$324.5m) for Rio's 55% stake in Moura, a coal mine in northeastern Australia.

National Australia Bank (NAB) has launched the largest deal in the Australian bond market so far this year, a self-led A$500m five year transaction that attracted robust demand. The reception to the deal was bolstered by strong domestic investor demand for familiar onshore credits. Investor sentiment towards offshore issues has, in the last few weeks, become very cautious in light of the negative news about US corporates, and this week Pacific Life of the US postponed its planned deal.

Nikko Salomon Smith Barney and UBS Warburg are jointly leading the third listing of a Japanese real estate investment trust (REIT), the Japan Retail Fund Investment Corp, on March 12. UBS and Mitsubishi, the diversified Japanese corporation, are the joint holders of the REIT. The deal will comprise 52,000 units and the company has a net book value of ¥41.1bn.

Commonwealth Bank of Australia (CBA) this week launched the first international Australian securitisation of 2002, offering $1bn of global bonds as part of a A$2.5bn mortgage backed deal. Lead managed by Deutsche Bank, the global bonds were priced yesterday (Thursday) at 17bp over three month Libor, with an average life of 3.14 years. (See International Bond Issues for further details.)

Daido Life's planned IPO could top ¥160bn, according to preliminary price indications filed in Japan, which would make it larger than last year's biggest deal, Nomura Research Institute's ¥149bn IPO of December. But given the precarious state of Japan's economy and stock markets, many market participants hope that the deal will be priced to give investors plenty of upside. Nomura is sole bookrunner for the domestic and international tranches, with Merrill Lynch joint lead for the offshore portion, which is slated to account for around one-third of placement. Goldman Sachs and UBS Warburg are senior co-lead managers of the international tranche.

Cantor Fitzgerald plans to transfer two or three credit derivatives brokers to New York from London and will hire others, according to Harry Fry, senior managing director of North American derivatives in New York. Fry said it is too early to determine who will head the new group. Cantor is rebuilding the desk after its 10-strong team was killed in the Sept. 11 terrorist attacks.