U.S. Can Corp.'s bank debt has climbed back considerably over the last couple of weeks into the 84 1/2 to 87 context from the low 80s. No trades could be confirmed but, traders suggested the paper has regained some ground because of better prospects for the company and the economy in general. Others suggested that the name was just stronger in line with improvements in the rest of the market.
The steel container manufacturer is in the midst of pursuing restructuring programs designed to streamline operations and reduce costs. "People are getting comfortable with the company's efforts to turnaround their operations," noted one dealer. About a month ago, the bank debt traded at 82. At its lowest, the market for the bank debt was quoted with a bid/ask spread of 78/81, according to LoanX, before the bounce back. Calls to John Workman, cfo, were not returned by press time. Bank of America leads the $180 million "B" loan.