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Securitization People and Markets

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  • DaVita is adding a $250 million "C" loan to back its $150 million acquisition of Physicians Dialysis.
  • The bank debt financing for Thomas H. Lee Partners' leveraged buyout of Refco Group was close to being filled last week despite a mixed response from loan investors.
  • Bear Stearns launched syndication last Wednesday for a $155 million credit backing Regus Group's $302.5 million acquisition of HQ Global Workplaces.
  • BNP Paribas has recently made five hires to develop its integrated credit strategy team, which was created earlier this year by the merger of its high-yield, high-grade, cash and derivatives businesses, said Len Jardine, head of credit sales and research in New York.
  • Dylan Brooks, credit trader at Deutsche Bank in New York, is joining RBS Greenwich Capital as a managing director.
  • A quick end to an employee strike has put syndication back on track for Stillwater Mining Co.'s $180 million refinancing, which was interrupted when employees' rejection of a labor agreement left the credit in limbo.
  • Record spread tightening in the leveraged loan market is spurring issuers to decrease the size of bond deals and increase the amount of bank debt they are taking on, according to Corporate Financing Week, an LMW sister publication.
  • Over $1 billion in commitments have rolled in for Venetian Casino Resort's $760 million "B" loan, with investors betting the spread on the institutional tranche is likely to flex down 50 basis points to LIBOR plus 2 1/4%.