Search results for

Citigroup and Harris Nesbitt--the U.S.-based investment and corporate banking practice of BMO Financial Group--wrapped up a $250 million credit for Seminis last Thursday after cutting pricing on the six-year, $190 million "B" loan. A banker familiar with the deal said the term loan was oversubscribed with more than $500 million in tickets received for the tranche, causing the lead arrangers to reduce pricing from the originally proposed LIBOR plus 31/2% level by 25 basis points. The institutional piece was offered at par. The credit also includes a five-year, $60 million revolver priced at LIBOR plus 3%, the banker added.

Charter Communications' operating company "B" loan traded as high as the 951/4 range before settling down to the 9495 context following the company's announcement that it is pursuing a debt exchange. Charter and its indirect subsidiary CCH II have entered into agreements to purchase an aggregate of $609 million in convertible senior notes and $1.3 billion of senior notes and senior discount notes in private transactions with a number of institutional investors. CCH II will issue $1.6 billion of 101/4% notes due 2010 to support the exchange.

Contrarian Capital Management is looking to build a direct lending business that invests in first and second-lien debt, marking the latest entry on a growing list of hedge funds jumping into the lending market. Hedge funds are positioning themselves to capitalize on the continued pullback of commercial banks from lending and the growing need for Chapter 11 exit and rescue financings. Soros Fund Management recently announced an initiative to target this space, while market participants cited Citadel Investment Group and SilverPoint Capital as becoming increasingly active.

Federal-Mogul Corp.'s bank debt ticked up in trading last week, with at least one $20 million piece said to have changed hands in the 781/279 range. The name is believed to have traded as high as the 791/2 level up from the 76-77 context, where it was moving two weeks ago. One trader said the debt instruments that lenders are expected to receive under the plan of reorganization will trade in the 80s. Another said the company is coming under pressure to emerge from bankruptcy.

Lehman Brothers has increased the size of Eaton Vance's, Eaton Vance CDO VI collateralized loan obligation, from approximately $300-350 million to $510 million after the deal was well received by CDO investors. Lehman priced the notes backing the leveraged loan-backed transaction two weeks ago, with the triple-A portion featuring what one analyst described as an innovative structure.

Level 3 Communications' bank debt shot up from the low 90s right up under par following the company's announcement that it is pursuing a $500 million senior note issue and will use proceeds from the offering and cash on hand to repay its credit facility. Traders said the bank debt was changing hands in the 99100 context. The company has approximately $1.125 billion in outstanding bank debt. J.P. Morgan is the administrative agent on the loan. Level 3's bank debt was quoted in the high 60s less than a year ago, according to LoanX. The company expects to complete the offering during the first week of October. Sunit Patel, Level 3's group v.p. and cfo, was traveling and could not be reached. A Level 3 spokesman did not return calls.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Foster's Group, Australia's biggest brewer, last Friday issued the prospectus for the planned IPO of its pubs and gaming unit, Australian Leisure and Hospitality (ALH).

The Philippines' National Power Corp (Napocor), launched a $250m 15 year bond last Thursday (US time) via bookrunner Bear Stearns.

The Republic of the Philippines has traditionally been Asia's most prolific sovereign borrower in the international markets. But next year poses a problem for the country's funding plans - presidential elections take place in May and are likely to disrupt any capital markets issuance.

In the first of three bond issues from different Singaporean power companies, PowerSeraya made an impressive debut in the Singapore market on Tuesday when it priced a S$350m seven year transaction to heavy market demand.

Lehman Brothers last night (Thursday) priced a quick-fire $269.8m GDR issue for Quanta Display, the Taiwanese TFT-LCD (thin film transistor liquid crystal display) manufacturer spun off by notebook maker Quanta Group.