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J.P. Morgan, Credit Suisse First Boston, Deutsche Bank and Merrill Lynch are bringing back a reworked bank and bond deal for Collins & Aikman, backing the acquisition of Textron's auto-trim business for sponsor Heartland Industrial Partners. The expectation is the bond market will be more receptive than in September when the original deal was to be launched. The acquisition, announced in August, was put on the backburner following Sept. 11 and the collapse of the high-yield debt market, explained John Peisner, senior v.p., investor relations for Collins & Aikman. A reworked deal with improved debt to EBIDTA ratios, a reduced price and more stock as currency, is the other major factor that should ensure completion of the financing by year-end, he noted.

Citibank and Merrill Lynch's planned recapitalization for Paragon Trade Brands has been scuppered after Tyco International agreed to buy the diaper manufacturer for about $565 million in cash plus the assumption of $85 million in debt. A $425 million recapitalization for Wellspring Capital Management was coming to market, said a banker familiar with the proposed loan. But Tyco has stepped in and is unlikely to need any kind of financing, as it is such an immensely capitalized company, he said.

Following a hefty initial public offering and some stellar gains this year, Weight Watchers International is refinancing its bank debt via administration agent Bank of Nova Scotia and lead arranger Credit Suisse First Boston. The company, described in a September 10-Q as significantly leveraged, has improved its profile since a successful IPO in November and is looking to trim its borrowing spread, said a banker familiar with the deal. The company's $418 million IPO tipped the scales as the largest IPO of the month.

Young Broadcasting has received a covenant amendment to its credit facility, reducing its operating cash flow requirement to address weak ad spending. In light of weaker ad sales, the company increased its various debt to operating cash flow levels, resulting now in a minimum operating cash flow level of $110 million. Currently the company's operating cash flow is $154 million. "This is a recognition that our operating cash flow is significantly lower and softening in the advertising media expenditure market," said James Morgan, cfo. The company was also given consent to issue more senior unsecured notes to be used to pay down bank debt. Young Broadcasting, based in New York City, owns 12 television stations.

Bookrunner Credit Suisse First Boston last Thursday priced the first South Korean primary collateralised bond obligation, or corporate club funding vehicle, to be sold internationally. The $250m deal, Korea Credit Guarantee CBO Ltd, was rated Baa2 by Moody's on the strength of an irrevocable credit facility from the Korea Development Bank (KDB), covering all principal, interest and expenses. The rating will track that of KDB.

Australia Defying the global economic slowdown, Australia has reported GDP growth of 4% for the first three quarters of the year. GDP figures released this week revealed that the economy grew 1.1% in the third quarter, an increase of 2.5% year on year. The result follows news last week that the US economy is officially in recession. The growth is stronger than even the Reserve Bank of Australia had suspected, and the bank recently cut its overnight cash rate to a historic low of 4.25%.

China China's largest bus-shelter advertising firm, Clear Media, set out on its roadshow on Tuesday seeking investors to buy into a heady P/E multiple, based on the enormous growth potential of the company in China and the spectacular growth of its US parent company in the past 15 years.

The novel $500m straight bond-cum-exchangeable issue for Korea Deposit Insurance Corporation (KDIC), originally conceived under the acronym Opera, has won applause from the global investment community, after being priced close to the tight end of the revised indicated range and inside the initial marketing range. Joint bookrunners Goldman Sachs, JP Morgan and UBS Warburg set out on November 29 to sell $500m of straight bonds for KDIC that would, subject to trigger events, later become exchangeable bonds. Despite being the first of its kind in Asia, the deal secured $5.5bn of orders.

KorAm Bank took advantage of domestic Korean demand for dollar debt by launching a $160m 10 year non-call five Kimchi bond on Monday. The upper tier two, subordinated deal was targeted completely at Korean investors, who were hungry to take advantage of the arbitrage opportunity between dollars and Korean won. Salomon Smith Barney (SSB) was sole lead manager. The bank had held a mandate for the deal for some time but had been waiting for an opportune time to launch the issue.

Lead manager Nomura capitalised on appetite in Tokyo for well known names yesterday (Thursday) to price the relaunched Nomura Research Institute (NRI) IPO at the top end of the price range. The books for all tranches of the placement were more than 10 times covered. NRI, a research and computer systems integration business controlled ultimately by the Nomura Group, priced its issue of 13.6m shares at ¥11,000 per share. The deal will raise ¥149.6bn, of which ¥22bn ($179m) is for NRI itself through the sale of 2m new shares to international investors. NRI's major shareholders are selling 11.6m shares to the public to raise up to ¥127.6bn, of which 69% is allocated to the domestic market and 3.6m to international investors.

Lead manager Nomura capitalised on appetite in Tokyo for well known names yesterday (Thursday) to price the relaunched Nomura Research Institute (NRI) IPO at the top end of the price range. The books for all tranches of the placement were more than 10 times covered. NRI, a research and computer systems integration business controlled ultimately by the Nomura Group, priced its issue of 13.6m shares at ¥11,000 per share. The deal will raise ¥149.6bn, of which ¥22bn ($179m) is for NRI itself through the sale of 2m new shares to international investors. NRI's major shareholders are selling 11.6m shares to the public to raise up to ¥127.6bn, of which 69% is allocated to the domestic market and 3.6m to international investors.

Orient Corp (Orico), one of the largest consumer credit companies in Japan, this week launched its first securitisation of card loans - a ¥60bn deal sold in euros, dollars and yen lead managed by Mizuho International. Orico is one of the country's most regular users of securitisation and is the leading Japanese ABS issuer in the Euromarkets. Its Oscar programme, backed by auto loans, has been a regular source of funding since 1998.