Boat Co. Debt Sinks
Rinker Boat Co.'s term loan fell about 10 points to the mid-80s because of poor sales, according to a dealer. JPMorgan leads the loan for the Indiana-based company that designs, develops and makes boats and cruisers. Rinker is owned by Code Hennessy & Simmons, a private equity firm, as well as management and other shareholders. Rinker and Code Hennessy officials did not return a call.
Real Estate Deals Continue Fall
Real estate deals continued to slump in the face of declining prices in the housing sector, among other issues. A dealer said Ginn Clubs and Resorts and Atrium Companies were two examples of companies that had seen their debt fall. Ginn Clubs' first lien and second lien were both down a couple of points to 97-98 1/2 and 97-98, respectively. Ginn Clubs is a large real-estate development and management company in the Southeast. Atrium is the U.S.' largest maker of vinyl and aluminum windows and patio doors. Madhusudan Dewan, cfo of Atrium, did not return a call. A call to a spokesman for Ginn Clubs was also not returned.
Technical Olympic remains one of the worst-affected real estate credits, said the dealer. Its term loan "B" is quoted in the 64-68 context; it was trading in the 68-70 context last week. A spokesman for Technical Olympic did not return a call.
Cablevision Bonds Drop On Private Financing
Cablevision System Corp.'s 8% '12 bonds fell five points to 96 1/2 on the company's plans to go private. The financing for the deal totals $10.9 billion, the bulk of which is in loans. Merrill Lynch and Bear Stearns are leads on the financing, according to a Securities and Exchange Commission. Cablevision's term loan was wrapped around par. A dealer said the debt has not really moved since the news.