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UBS Warburg and BNP Paribas have scheduled a bank meeting for May 9 to launch a $160 million reworked credit to finance J.W. Childs Associates' acquisition of The Hartz Mountain Corporation. The attempted deal is the second throw of the dice following a failed syndication at the end of last year for the Secaucus, N.J.-based pet products business.

ICT Group tapped Bank of America over existing lead FleetBoston Financial to lead its recent $85 million facility because of B of A's reputation in the market and the pricing it pitched. "They're the number one arranger of deals of this size in the market, and they did a nice job of presenting how they'd get the deal done," David McHugh, v. p. and controller, said. B of A leads the deal on the five-member syndicate. Fleet bid for the new deal and now serves as documentation agent. "We're happy to have them remain in the deal," said McHugh.

J.P. Morgan Securities in New York has hired Mike Lanigan, former Chicago fixed-income sales chief Merrill Lynch, to head up its Windy City sales effort. Kevin Finnerty, head of residential mortgages in New York, says Lanigan, who is a managing director, has consistently been among Merrill's top performing MBS sales pros, and will head up the firm's effort in penetrating Midwest accounts. A Merrill MBS official confirmed the departure, but did not who his replacement was. A Merrill spokesman did not return calls seeking comment.

Moody's Investors Service lowered the rating of Aviation Sales Company's $75 million senior secured credit facility to Caa1 from B1 because of the company's losses in 2000. The company had to borrow $10 million from a financial institution in February to pay for working capital needs and the $6.7 million semi-annual interest payment on the $165 million senior subordinated notes due on Feb. 15. The company reported a net loss of $11.6 million on revenue of $388 million in 2000. Also factored into the rating was the company's decline in revenue of $33.7 million in 2000, partly a result of reduced orders from existing customers due to concerns with the company's financial status. The credit is secured by substantially all tangible and intangible assets of the company, a factor which supports the rating.

J.P. Morgan Chase is trying to win over lenders committed to an existing credit for Sinclair Broadcasting Group and gain approval for an amendment that takes the sting out of a recently pulled deal. Chase is looking to make the most of commitments that did come in on the new deal's $500 million "B" tranche. But the agent needs 51% of the existing bank group to approve the amendment tacking the "B" tranche onto the existing credit. "They'll get it done, but it won't be a slam dunk," said a banker on the syndicate. Efforts Chase is reportedly making include juicing up pricing on the deal's existing pro rata, paying out a generous amendment fee, and cutting back commitments by using the new "B" tranche to pay down some of the existing credit. Officials at Chase did not return calls. Robin Smith, v.p. finance, at Sinclair did not return calls by press time.

Nextel Communications' bank debt is said to be inching back up on positive numbers, with dealers citing multiple small trades of the bank debt in the 95 range. Early last week levels were quoted at 93 1/2 to 94 1/2 range. Nextel's stock was said to be up $1.20, but the bonds were unchanged. "Their numbers are what the analysts expected, and they have a reduced capital expenditure plan," a dealers said of the improved outlook. Still, he noted some ongoing issues. "They're concerned they'll have to upgrade their system. If they need more capital to fund, your return may be less." Nextel is based in Reston, Va.

Despite a recent 20 basis point rally in the benchmarkRaytheon 6.75% notes of '07 (Baa3/BB-), some analysts are doubtful the bonds of the giant defense and electric component manufacturer can sustain that strength. The rally followed news that the company will issue close to $1 billion in equity, but concerns continue over a lawsuit and possible Securities and Exchange Commission investigation involving the sale of a business to Washington Group International last year.

Key Bank, lead arranger and administration agent for Westlake, Ohio-based Nordson Corporation's refinancing credit, has filled roles in what bankers consider a well-received syndication. Wachovia Corp. is co-lead and syndication agent, and Credit Lyonnais and Bank of Nova Scotia have taken co-agent roles. Thirteen banks are reportedly in on the deal, which is a $350 million revolver priced at LIBOR plus 1 1/2%. It could not be ascertained whether the deal has filled.

Bear Stearns postponed a Web-based reopening of its 6.50% notes of '06 (A2/A) Thursday, reportedly because of technical problems with its platform, according to several buy- and sell-siders. The $250 million deal was to be priced via DAISS, or Dutch auction internet syndication system, Bear Stearns' proprietary online bond trading and distribution platform, last Thursday afternoon. But, potential buyers say a glitch on the site prevented bidding on the bonds or seeing the electronic order "book" develop. Three buysiders who had planned to participate in the offering told BondWeek that Bear Stearns sales people told them there were technical problem with DAISS.

BondWeek has now been bringing you the inside skinny on the machinations of the fixed income market for 20 years. Checkout the highlights from our first issue.

Bridge Information Systems' bank debt traded up to 35 last week in a $10 million swap. Dealers say levels bottomed out at 13 before hitting 20 more recently and then spiking to the current level. Reuters' proposed buyout is said to be propping up levels, according to traders. "It could work out to be a home run," a dealer said of the merger. The company, based in New York City, provides real-time stock information out of the World Financial Center. It also owns a full-services brokerage firm and provides Internet services to the financial community. A dealer who's active in the name says distressed vultures are snapping up the paper.

The Federal Reserve on May 2 proposed the creation of a new Regulation W encompassing all restrictions on bank dealings with affiliates, and in the process proposing to curtail or change ways of business banks have been using for half a century. For some, the most critical part of the Fed's broad package was the proposal to take comments on making banks' derivative dealings with affiliates "covered transactions" under Section 23A of the Federal Reserve Act subject to its collateral and size limits.