An auction last week resulted in the sale of a $17 million chunk of Owens Corning's bank debt around 60 and a $13.5 million piece of Harnischfeger Industries' bank debt at just under 54, up three points for the credit. Owens is also said to be inching up, having traded in the 58 context the week prior. Wisconsin-based Harnischfeger manufactures heavy equipment for the mining industry.
Northern Trust Bank was rumored to be the seller of both names, but the buyers could not be ascertained by press time. A bank spokesman did not return calls. Bank of America arranged a $500 million debtor-in-possession financing for Owens Corning. Harnischfeger has a $750 million credit facility that breaks down into three tranches. Pricing is LIBOR plus 2 3/4 %. J.P. Morgan Chase leads the deal.