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A high-profile group of junk bond veterans has raised $100 million and will enter the market Sept. 1 with a hedge fund that will take long and short positions in high-yield bonds and leveraged loans, according to LMW sister publication Bond Week. The managing partners of the fund, called Chatham Asset Management, are Larry Buchalter and Anthony Melchiorre. They both declined comment when reached at their Chatham, N.J., offices.

Deutsche Bank will be shopping a five-year, $230 million credit facility for Magellan Health Services sometime after the Labor Day holiday. The credit will be effective upon Magellan's exit from bankruptcy, expected to take place next month. The facility will include a $100 million "B" loan, an $80 million synthetic term loan and a $50 million revolver, said a banker familiar with the deal. He did not comment on price talk and a Magellan spokeswoman said more pricing details are expected to emerge in filings released this week.

Mellon Financial Corp. subsidiary Mellon HBV Alternative Strategies has added a long-only distressed investment discipline. The fund will aim to acquire influential or controlling positions in various securities of distressed public companies, targeting the general industrial, manufacturing, services, tech, telecom and retailing sectors, according to James Jenkins, managing director and distressed portfolio manager at Mellon HBV. The fund will target bank debt or bonds trading at significant discounts and will seek to actively participate in the restructuring process of these companies, a spokesman said. He declined to comment on the size of the fund.

The $176 million term loan and $25 million second-lien loan backing The Cypress Group's $433 million acquisition of J.W. Childs-owned The Meow Mix Company is oversubscribed and lead banks are accepting more tickets for the $231 million credit through this Wednesday, a banker said. UBS and CIBC World Markets are shopping the credit along with a $30 million revolver. Pricing is at LIBOR plus 31/2% on the first-lien debt, while the second-lien piece is priced at LIBOR plus 61/2%, the banker confirmed. A UBS official declined to comment and a CIBC banker could not be reached.

Ricardo Pascoe, global head of foreign exchange, alternative investment strategies and proprietary trading at Commerzbank Securities, and managing director of the London office, has resigned. Pascoe resigned for personal reasons, according to Neil Brazil, spokesman in London. Pascoe was traveling and could not be reached.

China

Aman Mehta is to retire as chief executive of the Hong Kong Shanghai Banking Corp, HSBC Group's Hong Kong arm, at the end of December, after a 35 year career with the bank.

ING Financial Markets has hired Craig Irvine as managing director and head of Asia equity telecoms research. He leaves Citigroup's Singapore office, where he held the same position, to join ING.

The terrorist bombing of the Marriott hotel in Jakarta this week has thrown a roadblock in the way of Indonesian companies hoping to access the international capital markets, and exacerbated fears of a bottleneck in the Asian bond market this autumn.

Leonard Wei, the managing director and head of syndications, North East Asia, China and Hong Kong, global markets at Standard Chartered left the bank on Wednesday.

Singapore's third real estate investment trust (Reit) priced its listing on Wednesday at HK$4.75 per unit, the top end of a narrow HK$4.60-HK$4.75 price range.

South Korea