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

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

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

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

The calm before the storm...After postponing a planned New York Harbor cruise last month because of the blackout, Banc of America Securities' global structured products group decided to reschedule the event for Sept. 17, the day before Hurricane Isabel was set to lash the U.S. Fortunately, according to one loan manager, the weather held out and the party was smooth sailing.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

Matlin Patterson Asset Management has provided portfolio company Oxford Automotive with interim financing as the metal-formed systems supplier broods over the task of finding alternative financing. The Troy, Mich.-based company made a failed attempt late last month to complete a $240 million notes deal and a $75 million credit facility. The notes deal was pulled on account of market conditions, according to a spokeswoman. Lehman Brothers and Credit Suisse First Boston were leading the bond deal. It could not be confirmed if they were arranging the credit as well. Lehman and CSFB bankers did not return calls.

Merrill Lynch is boosting its European distressed trading desk by transferring Kevin Lydon, a managing director and distressed bank loan trader, to London. Lydon will be a senior trader for distressed bank loan trading. It could not be determined when he would leave for London. Michael Lee, a v.p. and analyst on the firm's distressed debt desk, and Brandt Wilson, a Merrill Lynch director who was most recently trading distressed bonds, have been slated to fill Lydon's spot. Lydon referred calls to a spokesman. Wilson and the spokesman declined comment. Graham Goldsmith, a managing director and head of Merrill Lynch's global debt, and Lee did not return calls. Lydon will continue to report to Goldsmith. The distressed debt market in Europe is said to be attracting growing interest from U.S. investors (LMW, 5/4).

When Julie Bouhuys, head of Wachovia Corp.'s credit capital markets group, took the helm of the newly reorganized group a little more than a year ago, credit deterioration was still on the rise. Bouhuys reflects on how Wachovia has changed both its mindset and approach to credit and how portfolio management is evolving in the industry.

Art de Pena and Robert Gianni, both directors and loan salesmen at Credit Suisse First Boston and UBS, respectively, will soon start at The Royal Bank of Scotland where they will become senior vice presidents for RBS's leveraged loan sales and trading team. Both de Pena and Gianni have already resigned from their previous positions. David Petrucco, senior v.p. of leveraged loan syndication, sales and trading for RBS, said Gianni and de Pena would be the two senior salespeople on RBS' leveraged loan sales and trading desk. He noted that the additions would complement RBS' expansion of its leveraged loan sales and trading efforts in North America, but declined to comment on whether or not additional hires would be made.

Waste Industries USA has refinanced its revolver, reducing it from $200 million to $175 million, but with the option to re-expand. "We never utilized much of [the previous facility], so we were very comfortable in reducing the size of the initial request because we have the ability to go up to $200 million at any time prior to maturity," said Steve Grissom, Waste Industries' cfo. He said the Raleigh, N.C.-based garbage company had tapped less than half of the credit in the past.

Weakened industry fundamentals in the wireless sector continue to affect Dobson Communications Corp., said Rosemarie Kalinowski, a Standard & Poor's analyst. There continues to be declines in roaming yield. Roaming revenues account for 30% of overall revenues and are derived from Dobson providing service to subscribers of other wireless providers when those customers use Dobson systems to carry their calls. Also, competition risk looms, particularly from national carriers, when number portability comes into effect in the top 100 metropolitan areas in November. Number portability will allow cellular customers to change service providers without switching phone numbers.