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The Loan Syndications and Trading Association (LSTA) has appointed Barbara Sherman as its new special counsel. Sherman was hired from Mandel, Katz, Manna & Brosnan for the purpose of discovering ways to improve standard documentation and market practices to reduce cost and settlement times for trades in the secondary loan market. "The first thing that she will work on is the changes to the distressed purchase and sale agreement," said Jane Summers, LSTA general counsel. Sherman will begin working on Sept. 30. At Mandel, Katz, Manna, & Bronsnan, Sherman worked with par and distressed settlement. Previously she had been at Goldman Sachs where she dealt with legal issues involving the trading and settlement process. Sherman served on the LSTA board of directors as a representative for Goldman Sachs in 2001.

MetoKote lined up a $60 million term loan to rework the amortization on its existing credit, according to Patrick Osler, cfo. The new piece paid down portions of the existing credit and allowed the company to put a back-ended amortization schedule in place. "It would provide substantial relief over the next six to eight quarters and then ramp up after that," he said, choosing not to explain the exact payment schedule. The company reworked the credit without extending its 2005 maturity date.

As spreads on Sears Roebuck bonds continue to widen, a buy-side analyst argues that the paper is still too rich. Since Sears gets roughly 60% of its earnings before interest and taxes (EBIT) from credit card debt, the buy-sider argues that it is really a finance company in disguise. The analyst says Sears should trade closer to the 300 range, with Household Finance. While the Sears 6.7% notes of '12 were 201 basis points over 10-year Treasuries, that was well inside of Household's 7.3% notes of '12, which were at 361.

The market for Exide Technologies' bank debt drooped last week, falling from the mid-to high 50s into the 40s as the battery maker continues to work its way through bankruptcy. Traders said that paper did not change hands. Market players said that they were worried that the company would not be able to continue to stay current with the interest rate on its bank debt. In response, an Exide spokesman said, "The company is meeting and exceeding its business plan and our liquidity position is solid." He declined to specifically comment on the interest rate.

Fireworks Entertainment opted to establish its first syndicated bank line, a $110 million three-year revolver led by Comerica Bank, in order to move to a more stand-alone structure and diversify its funding sources, said Blake Tohana, executive v.p. Until now, the company has mostly been supported through the funds of its parent, CanWest Entertainment, and had only used single purpose project loans to fund its television and film productions. Tohana stated that in terms of the growth and development of the company, the facility would be much more effective than the project loans.

The $475 million Flexi-Van credit led by Fleet Bank and Scotia Capital hits the secondary market this week, following adjustments made to the structure ahead of closing. The $325 million revolver was downsized by $25 million to $300 million with a commensurate increase on the $100 million "B" term loan to $125 million, a banker noted. The credit refinances existing debt and backs the Kenilworth, N.J., company's $180 million acquisition of the chassis leasing businesses of GE Capital's TIP unit, he added. Pricing is LIBOR plus 21/ 4% on the three-year revolver and LIBOR plus 3% on the five-year "B" loan, with a 1/8% upfront fee on the "B."

FCE Bank, Ford Motor Co.'s European financing arm, is preparing its second securitization of auto loans this year. The size of the deal has not yet been finalized, but London-based bankers say Deutsche Bank and ABN Amro have been tapped as lead managers. Ford's last deal, which was priced in March, weighed in at E800 million. Officials at ABN and Deutsche Bank declined to comment. Asset-backed traders note there continues to be strong demand from investors for high-quality consumer paper. Consumer ABS spreads continue to tighten versus non-consumer paper and collateralized debt obligations, they add.

Greenwich Capital Markets has hired Debashis Bhattacharaya from Salomon Smith Barney to do prepayment modeling as well as to work with its collateralized mortgage obligation desk. Bhattacharaya was unavailable to comment. The slot is newly created and he will report to CMO desk chief Anilesh Ahuja, as well as mortgage-backed security head Doug Greenig. At Salomon Smith Barney, he was an adjustable-rate mortgage security analyst and reported to Lahkbir Hayre, head of quantitative fixed-income research, who did not return a phone call seeking comment.

Huntingdon Valley, Pa.-based Toll Brothers increased its revolving credit facility and term loan with the aim of establishing a strategic relationship with three new banks, according to Joel Rassman, cfo. Rassman explained that the company needs to build relationships with various banks that can offer it different products and expertise as it always seeks to raise capital to grow its business. He said Toll Brothers will seek to secure about $150-200 million from the debt capital markets next year as it expects to grow 15% in revenues next year.

Terex's proposed $210 million senior secured "C" term loan will increase the company's heavy debt load to approximately $1.47 billion, a burden that has Moody's Investors Service concerned. Citing the debt load, the company's acquisitive growth strategy and the market's sluggish heavy equipment sales, Moody's has assigned the tranche a Ba3 rating.

UBS Warburg is launching this week syndication of a $635 million bank deal for Zurich-based Centerpulse, formerly Sulzer Medica, funding the settlement of a U.S. class action suit taken by individuals affected by defective hip and knee implants. The bank debt is likely to consist of a $300 million, two-year "A" loan and a $335 million, five-year institutional piece. Both tranches will comprise U.S. and European debt, but the exact split could not be confirmed. Officials at Centerpulse in Zurich could not be reached by press time and a UBS banker declined comment.

Andy Aran, senior v.p. at Alliance Capital, has shifted from his role as head of credit research to become a portfolio manager in the firm's global bond group reporting to Doug Peebles. Aran trades places with Jack Kelley, who moves over to run credit research.