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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.

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.

Alliance Atlantis Communications has made changes to its accounting policy that could cause the company to violate its bank covenants. An analyst explained that Alliance has announced a change in the way it will account for its CSI franchise. "It was concluded that the accounting treatment for the company's interest in the CSI franchise is joint venture accounting," Alliance said in a recent release. Alliance is Canada's largest movie production and distribution company and it produces the television show "CSI: Crime Scene Investigation" and "CSI: Miami." "What will change is strictly the timing of earnings recognition, which will be reduced for past years and increased in future years," the company added.

Better Minerals & Aggregates Co. has been downgraded from CCC+ to CCC by Standard & Poor's on account of the industrial minerals producer's "continued liquidity erosion, anemic financial performance and higher than expected silica product liability cash outlays," said Dominick D'Ascoli, S&P analyst, in a report. The company operates through its U.S. Silica Co. subsidiary in industrial minerals. "Although Better Minerals & Aggregates' silica operations should generate somewhat stable operating earnings, its operations are capital-intensive and the company faces unpredictable silica product liabilities," S&P explains.

Moore Capital Management and OZF Capital are each looking to hire traders. Moore Capital, an $8 billion hedge fund group, is looking for a trader to be based in New York, according to a sell-side official who has spoken with a person at the firm. The position would be to replace Francis Griffin, a high-yield trader who has taken a position with the firm in London. A call to Richard Furst, a senior trader at the firm, was returned by Kimberly Kriger, an outside spokeswoman, who declined to comment. Griffin could not be reached.

The market for NorthWestern Corp.'s "B" loan fell from its premium level as the market anticipates a restructuring for the company. The paper had been trading solidly in the 102 range but slumped to the 99100 context last week, following the company's bonds. "The preferreds and the subordinated bonds have really [fallen] off the table," noted one high-yield market player. The bank debt was able to sustain its close-to-par levels because the market believes the debt is well secured. "The secured debt--on a recovery basis--is pretty well covered by the value of the utility assets," noted Hugh Welton, a Fitch Ratings' analyst. NorthWestern completed the $390 million senior secured term loan in February via lead bank Credit Suisse First Boston.

The $200 million credit backed The Carlyle Group's $300 million majority stake acquisition of the CSX Corp. subsidiary. Carlyle has since phased CSX Lines into its new name, Horizon Lines. Horizon Services Group is the company's cargo management and tracking services unit. The Charlotte, N.C.-based company provides domestic ocean liner services and operates in the U.S., Puerto Rico and Guam. A UBS official declined to comment and an ABN banker did not return calls. Christoph Windmer, v.p. of finance and administration and cfo, did not return calls.

Stressed names with bond counterparts have been increasingly volatile as the loan market chases the easing bond market. "Anything that's got a pari [passu] is getting smoked," said one dealer. Traders pointed to loans for Calpine Corp. and Qwest Corp. as examples. "They're basically bonds with a credit agreement," said one trader. Calpine's new second-lien term loan, which is a part of the company's $3.3 billion debt package, slumped into the 88-89 range from the 91-931/2 context. This loan is pari passu with the bonds. Meanwhile, Qwest's new $1.75 million term loan, which has a $500 million fixed-rate piece, dropped about five points two weeks ago this Friday. But market players said the loan recovered to the 94-95 range by the end of last week following a Treasury market rally and the announcement of the deal backing the second phase of the QwestDex transaction.

UBS and Credit Suisse First Boston launched syndication last Tuesday of a $260 million amended and restated credit for vinyl siding and vinyl window product maker Associated Materials, backing the company's acquisition of Gentek Holdings for approximately $118 million in cash. The deal consists of a $70 million revolver and a $190 million "B" piece. The "B" loan is priced at LIBOR plus 3%, which is 50 basis points tighter than the company's existing loan spread, according to a banker who noted that commitments rolled into the deal both before and after the bank meeting.