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The bank debt for Choice One Communications continued to strengthen last week as rumors circulated regarding a significant buyer of the paper. The identity of the buyer could not be confirmed. A $10 million piece of the name traded in the 43-44 context. The name has been ticking up and out of the 30s over the last two months, particularly after the integrated communications provider reported stronger financial results for the second quarter. Choice One has a $125 million "A" term loan, a $125 million "B" piece, $43.284 million on its "C" tranche, $2.625 million on its "D" loan and $100 million outstanding on its revolver. Ajay Sabherwal, Choice One's executive v.p. and cfo, referred calls to a spokeswoman, who declined comment.

J.P. Morgan has launched syndication of a $100 million add-on "B" piece for Church & Dwight Co. in order to help back the Arm & Hammer brand owner's purchase of the toothpaste brands from Unilever. The add-on is priced at LIBOR plus 21/4%, according to market players. The new debt will tack on to Church & Dwight's $510 million credit that was completed in 2001 to in part support past acquisitions of USA Detergents and Carter-Wallace's anti-perspirant and pet care businesses.

Citigroup and Merrill Lynch juiced up Cinram International's $900 million "B" piece last week in order to lure more investors into the loan for the DVD and CD manufacturer. The tranche had been slogging along since syndication launched under three weeks ago. Concerns over technology risk, contract expiration and Canadian tax laws were issues that investors were grappling with, buysiders said.

The bank debt under the wider Edison International umbrella was a touch stronger last week after Edison Mission Energy (EME) retired its $275 million loan using proceeds from a senior note offering. The loan was set to expire on Tuesday and the paper was quoted in the low 90s prior to the news. The $345 million of new notes were issued by Sunrise Power Company, which is 50% owned by a subsidiary of EME. The financing provided EME with approximately $151 million in proceeds. A $212 million "B" loan remains under EME's credit facility of which only $125 million is outstanding. This piece expires in September 2004.

David Glancy, a high-profile junk bond manager for Fidelity Investments, is prepping his new hedge fund venture after leaving the giant money manager this past summer. Glancy's new firm, Andover Capital Advisors, will manage the Andover Capital fund, according to marketing materials obtained by AIN. The fund will invest in the "stocks, bonds and bank debt of companies with below-investment grade rated debt. Andover Capital will focus on the best opportunities within capital structures of both healthy and distressed leveraged companies throughout market cyclesÉ" The fund will invest in roughly 30-50 issuers that operate primarily in North America, the document said.

FleetBoston Financial was scheduled to launch syndication last Friday of a $350 million credit for solid waste management company IESI Corp. The deal includes a seven-year, $175 million "B" term loan priced at LIBOR plus 31/2% and a five-year, $175 million revolver priced at LIBOR plus 31/4%, according to a banker. Proceeds from the credit will go toward refinancing IESI's existing debt as well as to finance an undisclosed acquisition, the banker explained. LaSalle Bank signed onto the credit as syndication agent, taking a smaller underwriting commitment, he noted. A few "B" loan commitments rolled into the tranche ahead of the meeting, he added. A Fleet official declined to comment.

Goldman Sachs is marketing the notes backing a collateralized loan obligation for Fidelity Investments, the second CLO the firm has led for the asset management giant. The $400 million deal is called Ballyrock CDO II and is a cash-flow arbitrage CLO. Last year, Goldman underwrote Ballyrock CDO I, also a $400 million CLO (LMW, 1/02). Officials at Goldman and Fidelity declined comment.

Helm Holding's bank debt was two points weaker last week as the name came under supply and demand pressure. The bank debt slipped from the 941/2 962/3 level to the 921/2 - 95 context, according to LoanX. Traders said the name has come under technical pressure as sellers come to market and buyers of the name back off. Helm leases railroad cars. Officials from Helm could not be reached by press time. FleetBoston Financial holds the lead role on Helm's credit facility.

Deutsche Bank is in the market with a $185 million senior secured, asset-based credit facility for Hines Horticulture, according to Jeff Meister, director of finance. Hines opted to switch to an asset-based deal from a cash-flow deal for several reasons, including better interest rates, as the company is highly leveraged, Meister said. Moody's Investors Service reported the company's leverage at 4.66 times as of last June and assigned a B1 rating to the credit. The new deal, which includes a five-year, $40 million term loan and a $145 million revolver, is priced in the LIBOR plus 21/4-31/4% and LIBOR plus 13/4-23/4% ranges, respectively, Meister explained. Both tranches are tied to a leverage-based grid.

Wachovia Securities and Bear Stearns pushed back the bank meeting date for DRS Technologies, which was set for last Thursday, to avoid bumping heads with Hurricane Isabel. "The timing wasn't so critical that we had to [have the bank meeting last] week," said Richard Schneider, cfo. The meeting is now scheduled to be held tomorrow, he said.

Avoca Capital, a company formed in 2002 to provide investment advisory services to European collateralized loan obligations, is in the market with its debut deal targeting European leveraged loans and some mezzanine investments. Deutsche Bank is said to be the lead arranger for the E300 million transaction. Prior to founding Avoca, Donal Daly, managing director, was CLO Director at AIB Capital Markets, where he was responsible for the management of two CLO funds, Tara Hill (E350million) and Clare Island (E425million). Daly declined comment on the vehicle and any potential timing for pricing the notes.

Jefferies & Co. is planning a major advance in offering services to its middle-market clients and one of its top priorities is to develop ways to offer senior bank lending. "This is a business that makes sense for us in several different configurations and fits in with our business model. In conjunction with our financing abilities in the public and private markets, we will be able to provide senior debt to our clients," explained Ray Minella, director of investment banking capital markets. "We are focused on getting that capability up and running." In terms of timeframe, Jefferies "would like to have it done yesterday. This is a high priority for us," Minella stated.