Two big blocks of bank debt traded during the slow week leading up to Labor Day weekend. Last Tuesday, a $13.5 million piece of Hayes Lemmerz International's pro-rata paper was auctioned off. One dealer quoted the trade in the 86 3/4-87 context, while another said it went off north of 87. No further details could be ascertained by press time.
The Northville, Mich., auto-parts company currently is wading through its bankruptcy process after filing for Chapter 11 last December. CIBC World Markets leads the company's $200 million debtor-in-possession facility. Calls to Kenneth Hiltz, chief restructuring officer, and James Yost, the company's recently appointed cfo, were not returned by press time.
Meanwhile, a $25 million block of Huntsman ICI's pro-rata paper also traded last week. The paper was traded out of a commercial bank, but the levels at which the trade went off could not be ascertained. One dealer said he heard the paper went off in the 95-96 range, but he noted that the level seemed too high. A trader said he had heard that it was completed in the 87-88 range, but another market player denounced that claim on the grounds that it was too low. According to LoanX, the company's revolver was quoted in the 90 5/8 92 1/2 range and its term loan "A" within the 93 3/4 94 3/4 context last Wednesday. Kimo Esplin, cfo of Huntsman, could not be reached by press time.