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St. Mary Land & Exploration has entered into a new $300 million credit that backs the oil and gas exploration company's acquisition of properties from Flying J Oil & Gas and Big West Oil & Gas. The new three-year revolver is led by Wachovia Securities, while Bank of America led the previous $200 million revolver, said Richard Norris, v.p. of finance and treasurer.

* "I call DIPs extreme finance. I have teenage sons at home so it's the x-games of the banking world."--Norma Corio, managing director in the restructuring group at J.P. Morgan, giving her take on the business.

Pacific Investment Management Co. has hired Joshua Anderson, as a collateralized debt obligation analyst. He moves over from Merrill Lynch, at which his final day was last Friday. He starts this week at Newport Beach-based PIMCO, working within an undisclosed group. He will cover both asset-backed securities and CDOs, playing a mixed role as an analyst and portfolio manager. It could not be determined to whom he will report. Anderson declined to comment. Calls to Mark Porterfield, a spokesman at PIMCO, were not returned.

PNC Bank and National City Bank are wrapping up a $120 million credit for Fairmount Minerals after shutting down syndication earlier than expected last month. The credit proceeds will go toward owner dividend payments, as well as for general working capital, a banker familiar with the situation said. The deal was oversubscribed with about 15 investors signing on, the banker added. The facility includes a $30 million revolver, a $60 million "A" piece and a $30 million "B" loan.

Levels for Aurora Foods bank debt softened after the company released its earnings report and Moody's Investors Service subsequently downgraded the credit. The bank debt has slipped from the 92-93 context to the 91-92 1/2 range as the company clocked in a $483.2 million loss for 2002. No trades could be confirmed. Low cash flow run rate levels, limited liquidity, and leverage levels around eight times concern the rating agency.

Royal Bank of Scotland has hired an asset-backed securities analyst for its financial markets division. Nick Ventham, formerly a manager of ABS credit at Abbey National, joined RBS last month. Ventham, based in London, says he reports to Mark Pryor, head of capital markets credit. At Abbey, Ventham reported to Peter Laurent, senior manager in credit. Ventham will undertake credit analysis on buy-side purchases. He will not be replaced at Abbey National, because--as has been widely publicized--the bank is selling off its fixed-income assets.

A consortium of nine Italian banks is launching a securitization of non-performing loans, the special purpose vehicle of which will be backed by Italian treasury bonds. In the event none of the loans are recovered, the treasury bonds will be sold to pay bondholders. Accordingly, the deal is double-A rated, the same as Italy's sovereign rating. The E413.5 million deal, Mutina, should close next month.

J.P. Morgan Securities has named managing directors Andy Brindle and Bertrand Des Pallières global co-heads of structured credit, expanding their existing titles. Both officially replace Romita Shetty, who resigned from the post in December and is still at the firm evaluating whether she will accept another role or leave.

The recent rally in the bonds of Nextel Communications has prompted high-yield market participants to say that the wireless company is in a position to access the debt markets to refinance some of its high-coupon preferred securities.

Dan Ward has left Lehman Brothers, where he was an analyst covering the transportation sector, including airlines, rails and defense, according to a Lehman official. Ward also covered autos, which is often classed as "manufacturing" and followed by a different analyst. He could not be reached. The Lehman official says he left "to pursue other opportunities," but declined to be more specific.

RCN Corp. is believed to be going after an amendment that will allow the company to use cash to buy back its bonds, and that idea is not sitting well with term loan investors who would rather the cash be directed to them. "This is a very controversial amendment," noted one buysider. Jim Downing, an RCN investor relations spokesman, declined to comment on the amendment and the specifics could not be ascertained. Votes are due this Thursday and the company must receive 51% lender approval for the amendment.