Federal-Mogul Corp.'s $1 billion revolver, $360 million "A" loan and $345 million "B" loan traded a few points higher last week as the Dec. 9 date for approval of the company's reorganization plan moves closer. Fed Mogul's revolver was seen changing hands in the 92-93 range. Meanwhile, the company's "A" and "B" loans traded in the 92 1/2-93 1/2 range and 93-94 context, respectively.
J.P. Morgan leads the deal that also includes a multicurrency revolver. A Fed Mogul spokeswoman did not return calls.
Last month a bankruptcy judge approved a $1.43 billion exit financing for Fed Mogul from Citigroup. The company also replaced its J.P. Morgan-led debtor-in-possession loan with a new $500 million loan from Citigroup that lowers borrowing costs. Fed Mogul filed for bankruptcy in 2001 due to asbestos litigation and a drop in auto-parts sales.
W.R. Grace's bank debt, meanwhile, traded in the 102-104 context as lenders approved an extension for the company to file its plan of reorganization. A Grace spokeswoman did not return calls.