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InfoUSA secured lower interest rates and increased financial flexibility on a best-efforts $110 million credit facility with Bank of America as its new lead lender. The company refinanced a Deutsche Bank-led $195 million credit well ahead of its maturity date in exchange for better terms. "We felt that we could achieve a more beneficial rate structure and covenant flexibility if we went out and shopped the deal," explained Tim Hoffman, v.p. of finance for infoUSA. Deutsche Bank, preferring to have the "name plate" rather than a supporting role, did not participate on the new syndicate, said Hoffman, noting the split was cordial.

Existing collateralized debt obligations will not be grandfathered under the Financial Accounting Standards Board's proposal to raise the required equity in CDOs from 3% to 10%, much to the dismay of CDO managers, who may have to consolidate these off- balance sheet transactions on the balance sheet. FASB is seeking to implement the new rule in July and rating agency analysts and managers are still unclear of the potential impacts or feasibility of restructuring past transactions. But the initial take is not good. "It's not a viable option," said Andrew Dickey, managing director at MassMutual subsidiary, David L. Babson, regarding the idea of an equity overhaul.

Right Management Consultants (RMC) opted for Wachovia Securities to lead a new $180 million credit to back the acquisition of U.K.-based Coutts Consulting Group after putting the lead role out to bid. "RMC had discussions with Coutts about a year ago, but the opportunity only just became available," said Lee Bohs, executive v.p., corporate development. "We put out a bid informally to a number of banks, but we had a long relationship with First Union, and so opted for Wachovia (which merged with First Union). Previously lending was on a club-style basis, and so this was the first experience with the syndication group," Bohs said. He declined to name the other banks seeking to lead the deal.

Joseph Pimbley has joined insurance company American Capital Access as a credit derivatives portfolio manager in its structured finance department, says Cathy Bailey, a spokeswoman at ACA. Pimbley started last Thursday. He will report to Maryam Muessel, coo. Muessel heads the structured finance group and overseas the firm's asset-backed security and collateralized debt obligation portfolio management and structuring. Pimbley will specialize in managing and structuring credit derivative products within that group, including CDOs. Pimbley's position is a newly created one, says Bailey, reflecting growth in the structured finance business of ACA. She adds that the department may add more people in the future but declined to be more specific.

TD Securities is in the first stages of structuring a USD1 billion managed synthetic collateralized debt obligation. "Only a few of these deals have been done," said a market official. TD will actively manage the portfolio of credit-default swaps through the asset management arm of the bank, TD Waterhouse, according to the official. The deal is expected to hit the market in the next three months.

Bulge bracket investment firms, including Salomon Smith Barney and JPMorgan, caused credit protection on WorldCom to widen as they sought to buy protection on the telecom giant in the wake of the Securities and Exchange Commission's probe of the firm's accounting practices. "I wouldn't call it frantic buying, but the usual investment firm suspects were very active," said one trader in New York. Officials at the firm's declined comment.

Cantor Fitzgerald has hired Christina Hansen, an equity derivatives trader and structurer at Goldman Sachs in New York, to join its growing New York credit derivatives brokerage team, according to Dan LaVecchia, executive managing director and director of U.S. operations. Hansen, who worked at Goldman Sachs for eight years before recently being laid off, joined Cantor about two weeks ago.

UBS Warburg has hired Min G. Lee, associate of collateralized debt obligation trading at Lehman Brothers in Tokyo, as a director handling credit derivatives structuring, according to Lee Knight, Asia-Pacific head of credit derivatives trading at UBS in Tokyo. "This is an expansion of our structured products team," noted Knight, adding that Lee will report to him, declining further comment.

Credit Lyonnais is bringing aboard Takeshi Kondo, v.p. of yen exotics trading at JPMorgan in Tokyo, as the manager of exotic derivatives in Tokyo, according to Yves Ringler, head of fixed-income at Credit Lyonnais in Tokyo. "The business is expanding," said Ringler, noting that low yields in Japan are continuing to fuel interest in exotic interest-rate derivatives. Kondo, who starts Friday, is on gardening leave and could not be reached for comment.

Deutsche Bank has reorganized its foreign exchange sales division as the department has continued to grow. Ken Reich, head of fx sales for North and South America, has been promoted to global head of sales. He will continue to report to Colin Grassie, regional head of the institutional client group for the Americas. Rashid Hoosenally, European head of fx sales and a member of the global fx management committee, is now head of fx client strategy and remains a member of the committee. He previously reported to Grassie and now reports to Jim Turley, global head of fx.

The Monetary Authority of Singapore (MAS) has liberalised the last areas of its Singapore dollar currency control to encourage capital market development. Lee Hsien Yoong, Singapore's deputy prime minister, minister for finance and head of the MAS, announced the regulation changes at the Euromoney Asia Pacific Issuers and Investors Forum held in Singapore this week.

CapitaLand, southeast Asia's largest property development company, yesterday (Thursday) completed the sale of a S$380m five year convertible bond. The deal, arranged by sole bookrunner JP Morgan Securities (SEA), opens the Singapore dollar convertible market and will grab the attention of other local companies, which will be enticed by the 0.625% coupon and 29% conversion premium.