WestPoint Stevens' $491 million first-lien loan traded in the 92-94 context last week, while another textile name, Galey & Lord, is said to have inched up. Market participants cited textile market cyclicality as the main reason why buyers are starting to explore textile names.
WestPoint's $165 million second-lien was quoted at 73-75, but is not trading, sources said. Galey & Lord inched up to the 48 1/2-49 1/2 context last Wednesday after trading in the 48-49 range at the beginning of the week. Bank of America and Deutsche Bank are the agents on WestPoint's bank debt.
WestPoint entered a pre-negotiated bankruptcy process last June while Galey & Lord filed for Chapter 11 in February 2002. Jim Murray, treasurer and cfo of Galey & Lord, and Lorraine Miller, senior v.p. of investor relations at WestPoint, did not return calls.