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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.

What is a banker expected to do in the dog days of summer? Well, Credit Suisse First Boston's fixed-income CDO research team has decided there will be no market report this week as they have "Gone Fish'n." According to last week's research, they hope that the market enjoys the rest of the summer.

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.

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.