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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.

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

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.

Nextel Communications has made progress in deleveraging its balance sheet and is anticipated to further improve its capital structure using free cash flow and opportunistic debt and equity issuance to refinance higher interest borrowings. Fitch Ratings has raised its credit rating for Nextel's senior unsecured notes to BB- from B+ and its senior secured bank facility to BB+ from BB. Fitch has also assigned a BB- rating to a $1 billion senior redeemable twelve-year note offering. The outlook is positive.

Pro rata investors were looking at VITAS Healthcare Corp.'s $35 million second-lien term loan in addition to the first-lien $25 million revolver and $60 million term loan, a banker close to the deal said. He did not cite specific pro-rata lenders, but added that standard second-lien investors were also eyeing the LIBOR plus 10% priced tranche.

Rural Cellular Corp. ticked up to the 98100 range after the company announced that it would use the proceeds from a $325 million note issue and cash on hand to reduce its credit facility by $356.1 million. Two weeks ago the company's term loan "B" was quoted in the 951/2 961/2 context, according to LoanX. No trades could be confirmed. Market players had predicted that Rural Cellular would issue new notes ever since Centennial Communications Corp. tapped the high-yield market last month (LMW, 6/16). Rural Cellular's notes were completed last week and carry a coupon of 97/8%.

Large pieces of HealthSouth's bank debt traded in the low 80s last week down from the high 80s. Dealers said one seller's $40-50 million of exposure traded in chunks between the 80-82 context. The seller is believed to have been an original lender that was unable to auction the paper when coming to the market at an earlier time. "He just wanted out," said one trader, regarding the seller's motive. One of the pieces sold by this lender was a $25 million piece, which traded in the 82 context. A $10-15 million slice of HealthSouth bank debt also traded last week in the 821/2 range, according to a dealer, but whether the paper came out of the same seller could not be determined.

Massey Energy has completed a new $355 million credit facility led by Citigroup, PNC Bank and UBS. The Richmond, Va.-based coal-mining company's prior $400 million revolver was set to expire in November 2003 and was led by Citi and PNC, said Baxter Phillips, Massey's v.p. and treasurer. "The [new] facility was completed to renew maturing facilities, for increased liquidity, an additional letter of credit capacity and to leave Massey with cash on its balance sheet," Phillips explained.

UBS and CIBC World Markets are leading a $231 million bank facility backing The Cypress Group's $433 million acquisition of J.W. Childs-owned The Meow Mix Company. The new bank loan will comprise a $30 million revolver, a $176 million term loan and a $25 million second-lien term loan, said a banker, who added that syndication will launch July 30. A bank credit was repotedly chosen rather than a high-yield deal because the company has only one year of audited financials.