Securitization People and Markets

General Electric Capital Corp. signed on for a $50 million piece of Bresnan Communications' $400 million credit last Tuesday, the first commitment following launch. No other commitments could be confirmed by LMW's Thursday's press time. Margot Bright, Bresnan's v.p. of finance and a former director in TD Securities' syndications group, said GE would most likely commit $10 million to the $175 million pro rata and $40 million to the $225 million "B" piece, however that breakdown is not definite. The deal backs Comcast's transference to Bresnan of 317,000 basic cable subscribers in Montana, Wyoming, Colorado and Utah for $675.4 million. J.P. Morgan, TD, Wachovia Securities, Bank of New York and Société Générale have fully underwritten the deal, she added.

New York-based American Capital Access is looking to add two asset-backed securities analysts, says Maryam Muessel, chief operating officer. Both analysts will report to Laura Schwartz, managing director and senior credit officer for ABS, who supervises a group of 60 staffers. Schwartz says both positions are newly created due to the growth of the firm's structured finance operations. The two new analysts will be in charge of making recommendations for bond purchases. One will specialize in residential mortgage-backed securities while the other will be a generalist.

Dole Food Company's $600 million "B" loan was nearing its filling point as LMW went to press last week. Market players noted that commitments started flowing in faster after conference calls were held that further explained the deal's structure. A banker familiar with the credit explained that the institutional piece is being issued from Dole's Bermuda-based operations and the call helped clarify related details. "It allows the lenders to get closer to the international assets," he said, adding that the banana and fruit company has several assets outside of the U.S. An investor also noted that the call cleared up other credit details related to Bermuda's tax laws. The "B" is priced in the LIBOR plus 33/ 4% range.

Ed Shugrue, the former chief financial officer of Capital Trust, has launched his own firm, ES Capital Management, and is set to raise capital for a fund that will invest in high-yield real estate debt, according to BW sister publication Real Estate Finance & Investment. Shugrue, a veteran of the commercial real estate industry, said he is hoping to raise $150-300 million in the next six to 12 months for the as yet unnamed fund. With leverage, the fund will have up to $1 billion in buying power will target high-yield commercial real estate debt, including mezzanine debt, commercial mortgage-backed securities, B-notes, preferred equity, listed debt securities and collateralized debt obligations. Shugrue is talking with potential investors but acknowledges that current geopolitical uncertainties might prolong the capital raising period. "It's not an easy time in the world right now," he said.

Scottish Widows Investment Partnership (SWIP), which manages roughly £23 billion in fixed-income assets, is planning to add to its corporate credit research team on a select basis. Alan Reid, global head of bonds in Edinburgh, says the European credit market continues to grow, creating the need to bring more analysts on board. Reid says the hires will likely be at a junior level and that the firm does not have a specific number of hires in mind.

UBS Warburg is fully underwriting a $125 million credit that backs Serologicals' acquisition of Chemicon International. The deal includes a five-year, $100 million "B" loan and a $25 million revolver. Bud Ingalls, Serologicals' cfo, said the deal should hit the market next week, noting that this is a debut "B" loan for the company. Ingalls explained that the company was advised that the institutional piece would receive the best reception in the market.

Jack DiMaio, the departing head of fixed-income for North America at Credit Suisse First Boston (BW, 2/17), plans to start a hedge fund when he joins Credit Suisse Asset Management. He has also enlisted three senior traders to follow him to CSAM, including Nasser Ahmad and Tim Joyce, managing directors and co-heads of corporate bond trading at CSFB.

Veenman is also a board member of GMAC RFC Nederland, an originator of mortgages in the Dutch market, based in the Hague. In addition to the business in the Netherlands, GMAC RFC is also active in Germany and France.

First Albany Corp. has hired Mickey Spillane, a veteran high-yield trader, and David Maura, an analyst, for its New York office. The moves are part of the firm's effort to increase its high-yield focus, according to a high-yield professional with knowledge of the situation. A call to Robert Campbell, the firm's head of fixed-income, was not returned by press time last Friday.