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Is Michael Weir, Morgan Stanley's par loan trader, leading a double life? Well, not really, but the market took to haggling him this week about his Masters Tournament-winning name sake. "This is an unbelievable feeling, a thrill. I'm having a tough time putting it into words. I probably couldn't do it justice," said trader Weir, echoing the words of the pro golfer.

Speculation that Xerox Corp. is staking out some type of debt refinancing has pushed the bank debt about two points higher over the last couple of weeks. "The company has stated that it will be opportunistic about accessing the capital markets," said one analyst. The current buzz anticipates that a new debt package will likely consist of new bonds and a bank debt refinancing. As LMW went to press last Thursday, the market for Xerox's revolver was quoted in the 94 1/2 context, its "A" piece was in the 97 97 1/2 range, and the "B" loan was quoted as high as the 99 level. J.P. Morgan and Bank One lead the bank deal that was revamped last June.

Owens-Illinois is working up a $2.1 billion refinancing credit that is set to emerge in the near future as the company seeks to tackle a maturing $2.45 billion debt load. The exact date of the deal's launch could not be confirmed, but bankers said it is anticipated very soon. Deutsche Bank, Bank of America, Scotia Capital, Citigroup and Bank One are the expected leads on the deal. The expected structure should shape up as a $600 million "B" loan with price talk in the LIBOR plus 31/2-4% range, a $750 million "A" piece in the LIBOR plus 3-31/2% range, and a $750 million revolver ranging from LIBOR plus 21/2-3%. A banker familiar with the deal said the structure and terms are not yet final.

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.

Oxford Health Plans' $450 million credit oversubscribed last Thursday after Bank of America and Credit Suisse First Boston added a 25 basis point upfront fee to the $400 million "B" loan. A banker familiar with the situation said the deal attracted more than 35 ticket holders with pricing on the $400 million "B" loan set at LIBOR plus 23/4%. The banker said the six-year loan landed at the high end of the initial LIBOR plus 21/2-23/4% price talk because of investors' demands for the rate. The five-year, $50 million revolver--priced at LIBOR plus 21/4% with a commitment fee of 50 basis points--was oversubscribed, he added. Gary Frazier, senior v.p. of investor relations at Oxford Health, declined to comment.

A $1.25 billion power loan for Richmond, Va.-based Dominion has hit the market using base pricing derived from traded bonds, according to sister publication Power, Finance & Risk. Syndication for the facility was launched last Tuesday by leads J.P. Morgan and Barclays Capital. Instead of adopting the standard LIBOR plus a fixed basis point spread, the drawn pricing on the facility will be LIBOR plus the average asset swap spread on a defined publicly traded bond. That spread will be determined by getting market dealer quotes on the bonds. Calls to J.P. Morgan were not returned. Officials at Barclays declined comment and Dominion spokesman Mark Lazenby was unable to provide comment by press time.

Van Kampen Funds is looking to fold its Senior Floating Rate Fund into its Prime Rate Income Trust and rename the combined fund, the Van Kampen Senior Loan Fund. The firm wants to merge the smaller $265 million Senior Floating Rate Fund into the $2 billion Prime Rate Income Fund to reduce operating expenses, according to a Van Kampen spokeswoman. Since both funds have similar investment strategies, it makes sense to merge the smaller portfolio, she said. "The Board anticipates that shareholders will benefit from a reduced overall operating expense ratio in the combined fund as well as increased diversification of assets," according to a filing with the Securities and Exchange Commission.

WorldCom bank debt ticked up slightly on news that the company has filed its plan of reorganization. While the plan suggests that senior debt holders, including lenders, will receive 35.9 cents on the dollar, the bank debt paper only crawled about two points higher to the 26 27 1/2 context. The bank debt is quoted about a point behind the company's bonds due to its relative illiquidity. No bank debt was said to have traded. "The real question is if the banks will want to sell," said one trader, explaining that the amount of equity that lenders will ultimately receive under the reorganization plan will affect whether or not there will be any sellers.

YUM! Brand's multi-branding strategy--which places a combination of any two of its restaurant food brands, such as KFC and Taco Bell, on a single site --has produced strong initial results in a saturated and highly competitive U.S. market for quick service restaurants, according to Fitch Ratings. Steady operating performance, continued growth in international markets and stable leverage all factor into YUM's BB+ rating. The outlook on the $1.2 billion credit has been changed to positive. "It's a huge consumer and financial win," said, Kathleen Corsi, YUM's senior v.p. and treasurer, regarding the multi-branding strategy. Corsi added the company reaps 50% more profitability from the strategy. "Our customers love it," she said, explaining that consumers, especially families, like having choices.

Duke Street Capital Debt Management, a London, U.K.-based asset management group, has raised the debt for a EUR 550 million collateralized debt obligation called Duchess II CDO, the firm's second CDO. The deal predominantly comprises European leveraged loans with a small bucket for Euro-denominated U.S. loans, explained David Wilmot, a director of Duke Streets' debt management business.

Mohegan Tribal Gaming Authority landed an increased $391 million credit in an effort to obtain more liquidity for the gaming company. Jeffrey Hartmann, cfo of Mohegan Tribal, compared the new facility to the old line, which was a $500 million reducing revolver, which terminated $50 million of availability every quarter. When the new deal was completed, Mohegan Tribal had $300 million in availability under the old deal, Hartmann said.

A $26 million hybrid piece of The Goodyear Tire & Rubber Co.'s senior bank debt was auctioned off north of 90 1/2 last week. The piece that changed hands comprised portions of the company's $750 million U.S. revolver, $645 million U.S. term loan, as well as its $650 million European credit. For the blended piece, the trend in price is upward, said one dealer. The company's revolver last traded in the 87 context and the term loan was said to have traded in the 91 context before the auction.