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VCA Antech has refinanced $166.4 million in bank debt through lead banks Goldman Sachs and Wells Fargo, chopping pricing and increasing possible acquisition funding. The Los Angeles-based veterinary healthcare network approached the banks primarily to arrange better pricing, said Tomas Fuller, VCA's cfo. "[Given our] solid performance and the improved bank market, we saw the opportunity to get one more pricing adjustment," said Fuller. Last September, VCA refinanced $143.1 million of total outstanding "A" and "B" term loan debt with a "C" tranche, scoring a 63 basis point reduction in the interest rate.

Citigroup relaunched syndication of the $390 million credit for Quintiles Transnational Corp. last week, increasing pricing and lengthening the tenor of the originally proposed deal, according to a banker. The credit, which was originally pitched in June and met cold investor reception, backs the company's $1.7 billion buyout by Pharma Services Holding (LMW, 6/23). Pricing on the seven-year, $315 million "B" loan is at LIBOR plus 33/4%, 50 basis points higher than when the deal launched in June, the banker explained. One year has also been added to the tenor. The deal's five-year, $75 million revolver is now priced at LIBOR plus 31/4%. It was originally shopped at LIBOR plus 3% with a four-year tenor, he said. The facility is still being offered at par, the banker noted. A Citi banker did not return calls.

ShopKo Stores amended and restated its $450 million credit facility for four years and lowered its interest rate by 50 basis points, stated John Pindred, v.p. and treasurer. He explained that the company opted for an amended and restated credit agreement, rather than going with the one-year extension option that applied to the previous credit. "We needed to make a decision," he said. The Green Bay, Wis.-based company decided to accept proposals from members of its previous bank group and ultimately chose to continue its partnership with previous lead Fleet Retail Group, Pindred said. "The economics were the most compelling," he said of Fleet's proposal. "They've been a good partner," he added.

Simmons Co.'s credit rating has been put on watch with negative implications by Standard & Poor's after the mattress company notified the Securities and Exchange Commission of its intention to seek a buyer. "The reason the company was placed on credit watch negative [at BB-] is that while I have no info on the buyer, it's likely it will be a private equity investor that would then re-leverage the company," explained Martin Kounitz, an S&P analyst. According to Kounitz, changes in the rating "would depend on who the acquirer is and what they are going to do with the business. What will the pro forma capitalization look like? No one knows until someone has signed a definitive agreement."

Australia

Foster's Group, the Australian brewer, moved a step closer to the IPO of its pub, hotel and gaming businesses this week when the company announced it had secured sub-underwriters for the offering. Assuming everything falls into place, the prospectus could be released next week.

Indonesian gas transmission firm Perusahaan Gas Negara (PGN) held out against Treasury volatility and fragile international investor sentiment towards the country to price its postponed $150m 10 year put seven debut deal yesterday (Thursday).

Korea Development Bank stole the limelight in Asia this week by issuing a blow-out $750m 10 year global bond on Wednesday. And, pressing its advantage, it surprised the market the next day with a lightning launch of its Eu500m five year Eurobond.

JP Morgan braved the Hong Kong typhoon on Tuesday to launch a $130m convertible bond for China Travel.

Deutsche Bank has appointed Lee Zhang as chairman of Deutsche Bank China. The appointment - a new position - becomes effective immediately.

The cross-border South Korean bond market reopened with a bang this week, as four major borrowers launched what should amount to $2.3bn of dollar and euro deals.

BNP Paribas on Monday launched the Hong Kong IPO of Weiqiao Textile, China's largest cotton producer.