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Quality Home Brands has turned to Bear Stearns and BNP Paribas to provide financing to back its acquisition of Encompass Lighting.

The bank meeting set for last Monday to launch syndication of a refinancing for Revlon was pushed back, investors said, although no definitive reason was given.

Armstrong World Industries' bank debt dropped seven points to 82 last week after it surged as high as 90 from 75 following Owens Corning's announcement of its new plan of reorganization two weeks ago.

Silvermine Capital Management has hired Brian Carlson as a principal and senior analyst, covering the power, publishing and media sectors.

The spread on Solo Cup Co.'s loan-only credit default swaps widened 15-20 basis points to the 130-150 range after it posted poor first quarter results.

Deutsche Bank brought an amendment and refinancing to the market for Sturm Foods last Tuesday.

Copa Casino of Mississippi is looking to refinance existing debt and develop the Gulfport Oasis Casino Resort.

Romania and Bulgaria’s credit ratings depend more on the two country’s monetary and fiscal policies, and entry to the euro zone, than on the precise date of their EU entry, according to a report released by the rating agency Standard and Poor’s. The agency warns that Romania is exposed to the risks of an overheating economy and budget deficit. The rating agency explains that the co-financing required to receive EU funds could jeopardise the macroeconomic balance in Romania where tax revenue as a percentage of GDP is low.

Trading of shares in Russia's state-owned oil firm Rosneft may start on July 14, Russian business daily Vedomosti reported yesterday, citing an investment banker close to the company's forthcoming IPO. The road show for the IPO will begin on June 26, said the investment banker. Rosneft is expected to offer shares worth $8 billion, of which $3 billion worth of shares will be placed on Russian exchanges, while the rest of the shares will be placed on the London Stock Exchange. The $8 billion offer translates into a 15 to 16% stake, based on Rosneft's estimated value of about $50 billion, said Dan Rapoport, managing director of Russian commercial bank Center-Invest.

The legal stability of credit-default swap contracts has come under threat from a U.S. District Court ruling against Société Générale. Legal officials say the ruling, which found in favor of swap counterparty Aon Financial Products and Aon Corporation, undermines standard CDS documentation and could have far reaching consequences because few legal precedents have been set for disputes between credit derivative participants.

The International Finance Corporation (IFC) announced that it has lent 1.3 trillion Indonesian rupiah to Bank Danamon. The funds will be used Danamon's micro-financing business. The IFC's financial assistance is for a seven-year period and is the single largest loan in Indonesia. Danamon is 69% owned by Deutsche Bank AG and Singapore's government owned investment company Temasek.

Hannover-based bank Norddeutsche Landesbank Girozentrale is set to offload the risk of a EUR383 million portfolio of East German multi-family commercial mortgage loans to investors through a synthetic securitization sponsored by Kreditanstalt fuer Wiederaufbau, a state-owned German bank.