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The Commonwealth of Massachusetts Pension Reserves Investment Management Board is seeking a $600 million credit facility to fund its $1.6 billion real estate portfolio. "We are looking for a $600 million unsecured facility that we will draw down over the next 12 to 18 months," said George Wilson, senior investment officer at the fund, regarding its plans. Wilson explained that the pension fund is looking to lever up its purchasing plans in the real estate market while it can benefit from low borrowing costs. The board has been in discussions with different lenders, declining to name specific candidates.

Tom Currie has left his post as director of new assets with Standard & Poor's to join XL Financial Assurance, the Bermuda-based financial guarantor, as chief underwriting officer. The position had been open since last year, when Jim McNichols was promoted to chief financial officer. XL Financial Assurance is a re-insurer and an affiliated company of XL Capital Assurance, a triple-A rated monoline financial guarantor. Both companies are subsidiaries of XL Capital Ltd. based in Bermuda. Currie did not return calls. Roger Scotton, director of communications with XL Financial Assurance, says Currie reports directly to McNichols and that his new function consists of overseeing the underwriting process of financial guaranteed asset-backed securities. Currie joined earlier this month.

Wachovia Securities last Friday launched syndication of the $180 million credit for Right Management Consultants, backing the company's acquisition of U.K.-based Coutts Consulting Group and refinancing existing debt. RMC specializes in career transition and organizational consulting and is buying CCG for approximately $108 million. The bank debt is split between a $90 million revolver and $90 million term loan "A" and is priced at LIBOR plus 21/ 4%. Fleet Bank, UBS Warburg and SunTrust Bank have signed on already said one banker. Lee Bohs, executive v.p., corporate development, did not return calls. A Wachovia spokeswoman declined comment.

TrizecHahn USA tapped its relationship banks for a best-efforts deal to secure a $350 million, three-year revolver instead of seeking a fully underwritten facility. The company saves by not paying a bank to underwrite the deal, said Jeffrey Echt, senior v.p. of finance and treasurer of TrizecHahn Office Properties, a subsidiary of the parent. He declined to comment on the amount saved.

Deutsche Bank's $350 million loan backing the exit financing for AMF Bowling Worldwide, launched into the market two weeks ago, has been given a B1 rating by Moody's Investors Service, reflecting the significant reduction in leverage afforded by its reorganization plan. Approximately $1.2 billion of debt is being replaced with $450 million of funded debt, including $300 million of the bank debt and $150 million of notes due 2008 [assigned a B3 rating]. "Essentially hundreds of millions of debt has been forgiven," said Russell Gorman, v.p. senior analyst at Moody's.

Charter Communications traded up last week from 95 to the 96-97 range with traders citing $5-10 million trading. A $2.5 million piece changed hands at 97 1/16, said one trader. Dealers began to see prices rising for the name following a U.S. Appeals Court ruling last Tuesday ordering the Federal Communications Commission to reconsider regulations that forbid a corporation from owning both broadcast stations and cable systems in the same market. Charter had been trading off over the past couple of weeks for a combination of reasons, including negative market sentiment and disappointing forth quarter earnings. Charter's debt traded at a high of 99 in mid-January on news that the company would issue bonds to pay down its bank debt (LMW, 1/14). Calls to Kent Kalkwarf, company cfo, were referred to a spokesperson, who did not return calls by press time.

Credit Suisse First Boston has rejiggered the duties of some of its investment-grade fixed-income analysts. Thierry Perrein, director and real estate investment trusts analyst, has taken over insurance industry coverage from Kevin Morley, managing director and manufacturing analyst. Morley will now focus exclusively on manufacturing, as spread widening in the sector means that it requires more attention, according to Tony Smith, managing director and head of U.S. corporate bond research at CSFB. Perrein will continue to cover REITs.

Louise Purtle resigned last Tuesday from her job as a director and U.S. corporate credit strategist at Deutsche Bank, and will join Creditsights, an independent fixed-income research shop, on March 11. She will report to Glenn Reynolds, ceo, and Peter Petas, head of global strategy. "This adds a seasoned credit pro in corporate strategy who has strong relationships [with potential clients] in Europe, Asia, Australia and of course the U.S.," says Petas. Purtle will focus on corporate bond strategy, while Petas concentrates on convertible bonds and emerging markets research.

London-based high-yield bankers are bracing for a slew of layoffs from European investment banks after the recent spurt of debt restructuring is--successfully or unsuccessfully--completed, according to BW sister publication TeleTech Financing Week. Bankers declined to name banks that they thought would spearhead this trend.

The launch of general syndication for the Citibank and Goldman Sachs-led deal for SC Johnson Wax is expected this week with a handful of banks now signed on at the top levels. BANK ONE has taken $240 million of the $1.2 billion line and Royal Bank of Scotland and Bank of Tokyo Mitsubishi have taken smaller pieces, said one banker. The credit struggled at the agent level with one complaint being the lack of fully audited statements and it is still tough to say how the credit might progress, he added. The loan backs the acquisition of DiverseyLever, Unilever's industrial cleaning business. Bankers at Goldman and Citibank did not return calls.

U.S. and European hedge funds are making big forays into the European high-yield and distressed debt markets, according to LMW sister publication, BondWeek. "Hedge funds have been monitoring the market for the past four years and are now beginning to step in," says a salesman at Deutsche Bank. "The equity arb desk here has passed me at least 10 new [accounts]. There is undoubtedly a significant increase in interest in European high-yield," adds a salesman at Credit Suisse First Boston. Some are established hedge funds entering the distressed market for the first time and others are start-ups, he says.