"Every transaction is different, different people bring different bargaining power to the table."--J.T. Knight, a partner with law firm Simpson Thacher & Bartlett, on the potential pitfalls of second-lien loans (1/26).
"To their credit, CSFB said this is a wild and crazy idea but we are willing to explore it and make it work."--George Varughese, a managing director with Alvarez & Marsal, explaining how Credit Suisse First Boston fulfilled HealthSouth Corp.'s financing needs (2/2).
"The important thing in the investment business is to be a contrarian and not a trend follower. You have to buy them when they hate them and sell them when they love them."--Howard Marks, chairman of Oaktree Capital Management, commenting on the firm's approach to the distressed debt markets (3/1).
"The buy-side is entitled to demand change immediately. The goal is to eliminate assignment fees forever!"--Barry Zamore, managing director and par trader at Credit Suisse First Boston, in an email to the buyside urging investors to take the issue of assignment fees into their own hands (5/31).
"We've conquered what we wanted to here--we're moving on into the new frontier."--Mark Lies, global head of leveraged finance for Lehman Brothers, on his move to London to head up the high-yield loan and bond origination business (6/7).
"The attorneys are drooling. It's going to get ugly."--C.J. Berger, a managing director of Summit Investment Partners, discussing second-lien loans and Chapter 11 (7/5).
"I really applaud that Citibank recognizes the current assignment situation is archaic, especially as they will be sacrificing a profit stream for the benefit of the asset class."--Scott Page, portfolio manager for Eaton Vance Corp., on Citi's decision to waive assignment fees (7/12).
"The market for leveraged lending continues to grow. Our clients continue to need financing and our clients continue to grow and their financing needs thus are growing."--Bill Swenson, managing director and head of loan distribution, sales and trading at CIT Business Credit, on the firm building a loan syndication and trading platform (9/27).
Not all Chinese walls have proven to be non-porous."--Harvey Pitt, former Securities and Exchange Commission chairman, on the public/private issue (10/25).
"There are a lot of bank debt holders that have lost a lot of money because they were betting on the outcome of this legal issue. That's what this was really about."--Andrew Rahl, head of the bankruptcy and restructuring practice group at Anderson, Kill & Olick and counsel to bond-holders and trade claim holders, on the court battle between Owens Corning's bank debt, bond and trade claim holders (11/8).
"It's time for us to become proactive, less quiet and large enough for us to control our own destiny."--Scott Krase, portfolio manager with Oak Hill Advisors and current chair of the ad hoc committee of non-agent secured lenders to Adelphia Communications Corp., on standing up for their rights under the new reorganization plan (3/8).
Borrower's Perspective
"It was described as a frothy market."--Kelly Baker, v.p. and treasurer for Anteon International Corp., on why the company decided to complete its debut "B" loan (1/19).
"We switched banks because we felt like Wachovia [Securities] has very strong capitalization in this market and Toronto Dominion was not so focused on telecom lending."--Steve Winslow, treasurer of Western Wireless, on the company's decision to choose a new bank to lead its credit facility (6/21).
"[LaSalle's Chairman] Norm Bobbins is what they call a business banker. Norm tells you what he expects from a business point of view. You appreciate the fact that he understands business choosing what's best so you don't get in trouble and you don't get him in trouble. Plus I can beat him in golf."--Morry Taylor Jr., Titan International's president and ceo, on choosing LaSalle Bank as a lead arranger on the company's credit facility (8/9).
"This will be the first time we don't have an institutional tranche probably in the last four or five years."--Cory Olson, senior v.p. and treasurer of Dean Foods Co., on its new bank debt lines (8/9).
"A very strong third quarter coupled with a favorable bank market and familiarity with our lenders. You put all these factors into a bucket and all of a sudden you come out with a 50 basis points reduction."--Harry Silverman, cfo and v.p. of finance at Domino's Pizza, on cutting interest costs with J.P. Morgan (12/13).