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Quintiles Transnational Corp. is moving along in setting up approval for its $1.7 billion buyout by Pharma Services Holdings, but the company has still not provided word on the status of the financing for the transaction. The pharmaceutical research and marketing firm said in its second quarter earnings conference call earlier this month that it hopes to hold a shareholder meeting to vote on the merger in the third quarter of this year. Sources said company officials did not address questions regarding the financing status during the conference call. Greg Connors, v.p. of investor relations, and a company spokeswoman did not return calls before press time.

Wackenhut Corrections Corp. completed $300 million in new bank debt and unsecured notes primarily to fund the $132 million repurchase of the company's 12 million shares held by Group 4 Falck, a Denmark-headquartered global security services provider, explained John O'Rourke, senior v.p. finance and cfo. The shares gave Group 4 Falck a 57% interest in the company, he added. The financing includes a new $50 million, five-year revolver and a $100 million, six-year "B" loan, both priced at LIBOR plus 3%. The company also tapped the high-yield markets for $150 million of 10-year, 81/4% senior unsecured notes.

WestPoint Stevens' bank debt slumped in the secondary market following the company's second quarter earnings results. The bank debt was quoted in the high 90s, but slipped to the low 90s, one trader noted. No trades could be confirmed. WestPoint has roughly $490 million outstanding on its senior credit facility, according to company filings. Bank of America is the agent for the loan. Although WestPoint filed for bankruptcy earlier this summer, the bank debt held its ground because the company's current restructuring proposal calls for the senior credit facility to be replaced by an exit bank credit facility.

Bank of America is set to lead the syndication of a $1 billion debt package for Precision Castparts Corp. (PCC), according to a company spokesman. The financing will help back the Portland, Ore.-based company's acquisition of SPS Technologies for $729 million. The package will include a $700 million credit with a $300 million term loan and a $400 million revolver, the spokesman said. He added that there is also a $300 million bridge facility included in the debt package.

Bank of New York and CIT Group have jumped in at the agent level to join the $200 million credit for B&G Foods, said executive v.p of finance and cfo, Robert Cantwell. He added that the facility, which is led by Lehman Brothers, was expected to wrap up late last week as LMW went to press. The credit, which will also go toward refinancing $45 million of existing term debt, backs B&G's acquisition of Nestle Prepared Food Co.'s Ortega brand for $116 million. Cantwell said the acquisition will be completed at the close of the bank deal.

Several portfolio managers were left frustrated last week as an amendment for an incremental add-on term loan for Allied Waste Industries' $3.15 billion credit also cemented a provision that allows the company to reprice the credit in the future without existing lender approval. Further irking some of the lenders is the fact that the company only required a 51% approval to pass the amendment, while repricings almost always need 100% lender approval, said one buysider. J.P. Morgan and Citigroup lead the deal with UBS, Credit Suisse First Boston and Deutsche Bank also serving as top tier agents. A J.P. Morgan spokesman and a UBS official declined to comment, while Citi, CSFB and Deutsche Bank bankers did not return calls.

Calpine Construction Finance Company's (CCFC I) $750 million of new debt has been trading at premium levels in the secondary loan market. Market players said the first-lien term loan was trading above the 102 level and the second-lien floating-rate note (FRN) was trading in the 99-991/2 range last week. The term loan has ticked up from the 991/2 to par range and the FRN has risen from the 981/4 - 983/4 context, where the debt was trading the day the credit broke. Both pieces were issued at 98. "We are really happy with the way that it turned out," said one buysider. "I think Goldman [Sachs, the lead arranger for the deal,] was extremely sensitive to investors' needs and demands."

Higher than anticipated cost structure and lower than expected parking lot utilization has led Moody's Investors Service to downgrade Central Parking Corp.'s debt ratings from Ba2 to Ba3. The outlook is stable on Central Parking's $175 million revolver and its $175 million term loan "B". Corporate America's demand for parking has waned due to higher unemployment and diminished job security, Moody's notes. Furthermore, the slow economy has increased the level of cost consciousness and reduced the number of high margin discretionary nighttime parking as fewer people venture out for discretionary spending such as entertainment, Moody's adds.

Los Angeles-based Centre Pacific has embarked on a leveraged loan warehouse line with Citigroup shortly after completing its first synthetic investment-grade CDO, a $1 billion single-tranche deal called Cascade CSO. The leveraged loan warehouse is comprised of typical term "B" paper, but one advantage is that the deal will not necessarily be securitized, said David Gold, managing director and portfolio manager for Centre Pacific. "What's attractive about the facility with Citi is that it's an evergreen not tied to a CLO, which gives us the flexibility on issuance timing," he said, declining comment on the size of the vehicle.

Charter Communications bank debt has recovered from a brief dip in levels that occurred following the company's decision to cancel a tender offer for its senior notes and senior discount notes. By midweek, the company's term loan "B" was trading in the 931/2 94 range up from the 911/2 931/2 range. Charter bonds were also about two to three points higher, noted one trader.

Credit Suisse First Boston has priced the notes for The Blackstone Group's Union Square CLO. The $400 million deal is the second CLO completed since Dean Criares, managing director and portfolio manager, joined from Trimaran Advisors in January 2002. Originally the deal was slated to be $300 million, according to a source. Another source said in addition to being increased, the deal priced tighter than market talk. The $291 million triple-A tranche is priced at LIBOR plus 53 basis points.

UBS and Credit Suisse First Boston flexed down pricing on Associated Materials' $190 million "B" loan last week after investors heavily oversubscribed to the tranche, a banker said. Pricing was lowered from LIBOR plus 3% to LIBOR plus 23/4% and buysiders were asked to recommit to the deal by noon last Thursday. The banker said allocation was expected to take place by the end of last week.