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Strong financial fundamentals bolster the $300 million revolver currently in syndication for Cabot Industrial Properties, according to Philip Kibel, senior analyst at Moody's Investors Service. Kibel, who assigned the credit a Baa2 rating, notes that the company has strong fixed charge ratios as there aren't many debt maturities coming due in the near future. As a cautionary note, however, he added that the company has a high amount of secured debt and high variable debt levels. Cabot owns numerous industrial properties and is based in Boston. The deal is expected to close sometime this month.

Stryker Corporation refinanced its existing Bank of America led $1.65 billion credit line, signed in Dec. 1998, to take advantage of its new credit rating and investment grade-status. The new deal will enable the company to save roughly $9 million in interest expense through a reduction and re-structuring of the credit. "The dramatic improvement in credit rating, or credit profile, is what allowed Stryker to access the credit markets now to refinance the debt on much more favorable terms," said Christopher Homrich, v.p. and treasurer of Stryker. "I think the transaction was successful. We were very satisfied with the overall pricing," he added. The new deal gives the company more operational flexibility as financial convenants on the deal are more lenient.

Lehman Brothers held a bank meeting last week for TSI Telecommunications Services backing the $800 million GTCR Golder Rauner cash bid at the Intercontinental Hotel in New York. Bankers said the deal is finding it tough going. Price talk on the $200 million, six-year term loan "B" is LIBOR plus 4% said a banker, familiar with the deal. The $135 million pro rata deck consists of a $35 million revolver and a $100 million, five-year term loan "A" with pricing in the LIBOR plus 31/ 2% range. Accompanying the bank debt is $245 million in high-yield notes. Senior and total leverage to EBITDA is in the low two and low fours, he added. Relationship lenders of GTCR have been approached for the pro rata, he noted, but no banks have yet signed on at press time.

Stanfield Capital Partners and OppenheimerFunds are both in the market buying up collateral for two new collateralized loan obligations. Stanfield is ramping up a new $300 million collateralized loan obligation after pricing notes on the deal at the end of last month and OppenhiemerFunds is in the market with a $350 million deal. Market sources said the Stanfield deal--Quattro CDO I--is a cash flow arbitrage structure. Stanfield is reportedly still in the market purchasing assets in the secondary market before official close next week. Chris Pucillo, portfolio manager at Stanfield, declined to comment. The deal is expected to have roughly an additional 15% of its collateral to ramp in the new issue market after it officially closes. Credit Suisse First Boston underwrote the liabilities which priced at the end of last month.

Tyco International paper is being called a bargain after a Wall Street Journal article last week caused its bonds to widen. The article cited an obscure newsletter called SEC Insight, which discussed allegations of an impending Securities and Exchange Commission investigation. Tyco's 5.5% of '08 euro-denominated bonds widened by 10 basis points to about 135-145 over German bunds. The bonds usually trade between 120 and 130 over. The company's 5.8% of '06 dollar bonds widened by 30 basis points to between 160 and 165 over Treasuries.

Total investment grade issuance for the year stood at $25.75 billion as of Thursday, January 10. The issuance pattern has followed a predictable path, with higher quality frequent borrowers accessing the market first followed by the best of the high yield and emerging markets credits. Average deal size has remained close to $1 billion as syndicate desks have focused first on bringing the large global deals. Notable deals for the week in investment grade included the continued broker dealers (Bear Stearns and Credit Suisse) as well as a $3 billion deal for the EBRD. In high yield, Charter Communication (B2/B+) did a three tranche ($1.1 billion total) and in emerging markets, both Mexico (Baa3/BB+) and Brazil (B1/BB-) brought 10-years for $1.5 billion and $1.25 billion, respectively, while the Philippines (Ba1/BB+) issued $750 million 15-years.

Barclays Capital has hiredHarris Cohen as a structured credit quantitative analyst in its New York-based global collateralized debt obligation department. He reports to Eileen Murphy who heads the department. Cohen's last position was president of Bio-Dynamics, a start-up which built wireless devices. His company ceased operations in the aftermath of the World Trade Center tragedy, says Cohen. Prior to this high-tech interlude, he worked for Barclays from 1998 to 2000 as both an asset-backed securities analyst and an investment banker. In his last position at Barclays, Cohen worked as an associate investment banker within the Financial Institutions Group, a division headed by managing director Eric Jaeger.

Building a high-grade debt originations business has taken center stage at Barclays Capital as the firm is aggressively approaching its rival firms to lure more top talent.Peter Goettler, head of U.S. debt capital markets, said the firm has been making a big hiring push for the past few months as it seeks to expand its presence in the high-grade market in the U.S., according to a story in BW sister publication Corporate Financing Week. The firm has already made a bunch of hires, including Michael Evelyn, managing director, who came from WR Hambrecht; Jim Glascott, managing director, who joins from from Morgan Stanley, and Kottur Vasanth, director, who moves over from Deutsche Bank.

J.W. Childs Equity Partners has tapped UBS Warburg to lead a $130 million credit backing the $165 million purchase of the Meow Mix and Alley Cat brands from Ralston Purina. A bank meeting has been set for Jan. 16. A banker said UBS' previous involvement with Childs in the petcare arena -- the Hartz Mountain deal earlier this year -- was a strong factor in the bank leading the credit. Officials at Childs said the firm does not comment to the press.

Babcock Borsig Capital closed a $90 million credit facility as one of the first companies to use an online syndication platform--ClearPar --to close a bank loan.Credit Suisse First Boston led the deal. Each syndicate member had the ability to allocate the funding of the loan online and sign all documentation online as well. The entire process typically takes weeks, but was completed in one business day. "We're always trying to increase the ease of use to clients," said Howie Shams, managing director at CSFB.

Charter Communications' debt traded into the 99 range from 98 last week on news that the company would issue bonds to pay down its bank debt. An estimated $15 million changed hands. The company has raised $900 million from the sale of junk bonds which it says it will use to increase its business and pay down the debt. Market players report the company's revolver will be paid off. Charter is a cable company based in Scottsdale, Ariz. Calls to Kent Kalkwarf, cfo, were referred to spokeswoman Colleen Haggerty, who declined to comment.

Tulsa, Okla.-based Dollar Thrifty Automotive is refinancing its revolver through current leads, J.P. Morgan, Credit Suisse First Boston and Deutsche Bank. The operator of Dollar Rent-A-Car and Thrifty Rent-A-Car is looking for a $600 million one-year revolver, according to a banker. The spread is LIBOR plus 1% with a 1/4% commitment fee. The bank meeting was held Jan. 10 while Deutsche Bank is the documentation agent and CSFB and Morgan are co-leads and administration and syndication agents, respectively. Calls to Terri Willson Snow, executive director of investor relations, were not returned.