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The $650 million term loan "B" on Goldman Sachs' and Citibank's $1.2 billion credit for SC Johnson Wax has been fully subscribed after launching last week in New York and London. The "B" contains a $100 million Euro tranche, and depending on the level of European demand this could be upsized to $200 million, said a banker. The pro rata has snared a handful of banks for the $550 million pro rata and this is said to be progressing smoothly.

Kmart's $2 billion debtor-in-possession facility jumped into the market this week as $25-35 million traded in the 101 3/4 to 101 1/4 range. Dealers said J.P. Morgan was selling and that both dealers and institutional players were among the buyers. A J.P. Morgan spokesman declined to comment. One trader attributed the popularity of the paper to the asset-backed nature and attractive coupon on the deal. "It's a no brainer," he said. J.P. Morgan, Fleet Retail Finance, Credit Suisse First Boston and General Electric Capital Corp. led the deal, which includes a $200 million institutional piece. The name's original $1.5 billion credit facility took a back seat to its younger cousin. Dealers said the name scarcely traded in the mid-60s. Calls to John McDonald, executive v.p. and cfo of Kmart, were referred to a spokesman did not return calls by press time.

Mishawaka, Ind.-based National Steel has been provided in principle with a $450 million DIP facility by a group of lenders after filing for Chapter 11. Terry Fahn, a spokesman for National Steel, said Citicorp, CIT Group, Heller Financial, Fleet Capital, GMAC and Fuji Bank are among the lending group. The banks are part of the pre-petition facility, he added. Hisashi Tanaka, Chairman and ceo, said in a statement that the "historically low steel prices and a weak economy impeded the company's ability to service its debt and make investments in the business necessary for continued growth."

On the run names Adelphia Communications, Charter Communications, and Nextel Communications, firmed up this week on positive market sentiment echoing reports of economic growth and stronger equity and bond markets. Adelphia's term loan "B" ticked up from a 99 1/2 street trade last week as $5-10 million traded in the 99 1/8 to 99 7/8 range. Roughly $10 million of Charter's "B" term loan traded in 97 3/8 to 97 5/8 range compared the 96 1/2 range three weeks ago. And Nextel's bank debt also revived as $60 million traded up to the 86 range at week's end with $2.5 million pieces trading at 85 1/8 and 85 5/8 by midweek.

Société Générale have landed the lead role on two bank deals for the Pittsburgh Penguins of the National Hockey League and the National Basketball Association's Charlotte Hornets, the first deals being led by SG since the departure of Sal Galatioto and his sports advisory group to Lehman Brothers last year. Randy Campbell replaced Galatioto last year from Morgan Stanley to re-launch the sports advisory group.

UBS Warburg plans to soon expand its foreign exchange options trading Web site to include pricing and trading exotic options, said Ed Hulina, head of marketing for fx in London. "Now it's able to trade standard options but it will be soon able to trade basic knockouts and knock-ins," he said. Investors can now use the tool, dubbed the FX Options Trader, to calculate prices and place trades in vanilla options through the firm's Web site. UBS is expanding the variables that can be incorporated in the trading portal now because of client demand and as more business is shifted toward the portal. This allows UBS to concentrate its sales force on more complex structured products, according to Hulina.

Source: www.bondweek.com

Congress Financial is said to be close to joining Bank of America's $200 million, three-year asset-based refinancing for Hyundai Motor America, the U.S. distributor of Hyundai automobiles and auto parts. GE Capital, CIT Group and Foothill Capital have already committed to the best-efforts credit, according to a banker familiar with the deal's syndication. The credit is secured by accounts receivable and inventory. Pricing is LIBOR plus 2% and is tied to a utilization-based grid. There is an unused fee of 1/4% at closing. The credit refinances an $85 billion secured revolver. Sales in 2001 reportedly were approximately $4 billion. Calls to officials at Congress Financial were not returned.

Huntsman Corp. and its operating subsidiary, Huntsman ICI, are the hot topics on most desks this week, with a combined $33 million of the names changing hands. A $23 million piece of Huntsman Corp. was auctioned off in the 76-77 range by one of its original lenders following a syndication meeting, traders said. Although it could not be determined what was discussed, the bank debt has risen up from the 68-73 range, where $10 million traded earlier this week. Huntsman ICI also traded up from the 96 level to the 96 3/4 - 97 3/4 range on rumors that a $200 million bond deal could take out part of the bank debt. Traders believe that $5-10 million changed hands over the week and that institutional investors are driving those trades. Calls to J. Kimo Esplin, senior v.p. and cfo of Huntsman, were not returned.

Credit Lyonnais, U.S. Bank and Citibank have joined on the refinancing for Arch Coal and Arch Western Resources at the co-documentation level. J.P. Morgan and PNC Bank are leading the deal and a banker familiar with the syndication said J.P. Morgan has committed $70 million and PNC bank $90 million. Documentation agents have committed $60 million each to the deal. An additional commitment has been received from Bank of New York. The $525 million "B" has already gained more than $100 million after launching on March 5, with Van Kampen and IDM among the buyers.

Buyout firm WL Ross & Co. is in talks with lenders for a $150 million bank loan to partially fund its $325 million bid for the steelmaking assets of bankrupt LTV. Wilbur Ross, head of the firm, said a decision on the bank would be made within a week based on the interest rate, business conditions and the ratios banks are willing to work with. He declined to name the banks in with a shot of funding the deal. The acquisition, which calls for $125 million in cash and the assumption of $200 million in environmental liabilities, is being funded with $80 million of equity, while LTV's financial adviser is The Blackstone Group.

Bear Stearns is preparing to market a synthetic collateralized debt obligation referenced to a USD500 million pool of bonds that will be both high-rated investment-grade credits and credits that are just above junk bond status. The deal is expected to come to market near the end of the second quarter, according to market officials. Such deals, including near-junk rated reference assets, are unusual because there is a dearth of liquid credit-default swaps referenced to low grade names. However, these structures likely will become more common because of a general deterioration in credit quality and in anticipation of proposed capital adequacy rules. Officials at Bear Stearns declined to comment.