Latest news
Latest news
Claim that fees put off institutional investors denied
Meanwhile, BNP Paribas hires in structured finance
Debut manager is launching a CLO platform building on leveraged loan market experience
More articles
More articles
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Ares Capital is buying a $150 million portfolio of first and second lien senior secured loans, mezzanine debt and equity coinvestments from Royal Bank of Canada after raising $165 million through selling shares in a newly formed business development corporation (BDC).
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Centre Pacific is targeting growth in leveraged loans and asset-backed securities and has brought on board Joan Farrell from Union Bank of California as a senior trader.
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Credit Suisse First Boston is launching a $460 million bank deal to back a $398 million dividend to the private-equity owners of Lake Las Vegas Joint Venture-Ron Boeddeker and Bass Holdings. -
The acquisition of BT Alex Brown by Deutsche Bank led to the departures of Chris Howe, a director in sales and Mary Ellen O' Malley, a director in syndications.
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Homebuilding companies are significantly increasing their revolving credit lines in order to sustain big year-on-year gains.
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Investors are reacting positively to the bank debt backing First Reserve Corp.'s $1.25 billion acquisition of Dresser Rand Co. from Ingersoll Rand Co. Citigroup, Morgan Stanley and UBS launched the deal last Monday, with a $295 million seven-year "B" loan being offered at LIBOR plus 2 1/2% and a $100 million euro tranche priced at LIBOR plus 2 3/4%.
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Bank of New York launched syndication last Wednesday for a $75 million credit backing LeCroy Corp.'s $81 million acquisition of Computer Access Technology Corp.
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UBS is in the market with bank deals backing JLL Partners' leveraged buyout of CHI Overhead Door and the $768 million acquisition of Horizon Natural Resources Company by International Coal Group.
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Brendan Lavelle, managing director in charge of interest-rate swaps and U.S. government trading at Morgan Stanley, has joined UBS Principal Finance as managing director in the interest-rate trading group.
