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Miller Industries Inc., the world's largest vehicle recovery and towing company, has secured a new credit facility with much lower spreads than on its previous loan. Bank of America and CIT Group's business credit division are arranging the $118 million refinancing, expected to close in June.

Following a good reception in the institutional arena, Rite Aid Corp.'s four-year, $1.9 billion credit is making the retail rounds. Citibank, J.P. Morgan Chase, Credit Suisse First Boston and Fleet Retail Finance lead the deal, which has already received more than $1 billion from the agent round and institutional lenders. A banker eyeing the credit said that the deal is doing well considering it has what he considers to be high leverage and a somewhat shaky story. Commitment fees are fairly tight, considering the bank debt traded at discounted levels, he added. "The leads could get the institutional guys to step up for the term piece, though," he noted. Rite Aid officials did not return calls.

Fleetwood Enterprises will close a $260 million credit facility by mid-June, replacing three facilities currently in place. The deal breaks down into a $230 million, three-year revolver and a $30 million, one-year term loan. Boyd Plowman, cfo, says the company wanted to roll up its outstanding lines. "We wanted to get the majority of our borrowing in one facility because it offers consistent covenants," he said. Fleetwood Enterprises, based in Riverside, Calif., is a retailer of manufactured houses.

Heller Financial and Bank of America are looking for commitments for a $200 million revolving credit for Woodland Hills, Calif.-based Unova Inc. A spokesman for the company, which manufactures industrial technology products, including barcode scanners and wireless network applications, noted the firm is looking at a number of financial options. The previous loan arranged in February was a $400 million, short term, nine-month financing with J.P. Morgan Chase, according to Capital DATA Loanware. It could not be determined why Morgan Chase is not leading this deal or whether it will participate. The spokesman declined further comment including any reference to the banks involved.

Highland Capital Management is ramping up and trying to grow its $500 million collateralized debt obligation--Highland Loan Funding V--before pricing notes for the vehicle next month. Sources close to the deal said the fund has ramped up roughly 60% of its assets, which represent a broad range of sectors and consist of 90% senior loans and 10% high yield bonds. Salomon Smith Barney is underwriting the traditional, cash flow arbitrage structure. Chase Manhattan Bank will act as trustee. Officials at Highland did not return calls by press time.

J.P. Morgan Securities has promoted two high-yield analysts,Doug Conn and David Walker, to be co-heads of high yield research. Conn says the two fill a post vacated by Steven Ruggiero, who left for UBS Warburg a few weeks ago.

J.P. Morgan Chase is preparing to launch this week syndication of a $300 million refinancing credit for Millennium Chemicals Inc. A banker familiar with the deal said the loan would be structured as a five-year, $150 million revolver and a $150 million, five-year, institutional tranche. Pricing is expected to be LIBOR plus 2% on the bank portion and 21/2 % on the term loan, said the banker.

Wilfred Horie, the driving force behind the re-invention of Korea First Bank, is not shy of a challenge. Over breakfast with Andrew Weber he talks of the demands and the rewards of redefining consumer banking in Asia.

Few people dispute the importance of the development of local currency debt markets in the Asia-Pacific region. Leaving aside the long-developed yen markets, three stand out for their progress – although in each case it could be better. Chris Wright, Fiona Haddock and Joy Lee look at the Australian, Singapore and Hong Kong dollar markets.

Asiamoney's 11th annual cash management poll shows treasurers are more and more keen for improvements in technology – and they are very specific about what they want. Citibank and HSBC are among those who seem to be listening: both are rewarded with impressive votes. By Olivia Chow and Robert Law.

China had a busy month in the bond markets in May. It made its debut in euros; set a new benchmark in dollars; and set off an unholy row between six of the world's most respected investment banks. The PRC's issue of US$1 billion in 6.80% 10-year notes – led by Goldman Sachs, JPMorgan and Morgan Stanley – and Eu550 million in 5.25% five-year bonds – led by Deutsche Bank, Barclays Capital and BNP Paribas – was a strong deal. Both tranches were comfortably oversubscribed – the dollar by five times, the euro by four – and were placed to a wide range of investors, many of them new to the credit. Pricing was keen and execution skilful, and Chinese top-tier credits now have new and solid benchmarks to price off. But the undeniable success of the deal has been overshadowed by arguments over the mandate process.