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Tarragon deal with GECC helps eliminate near-term bankruptcy threat; future asset sales to boost value, CEO says
Tarragon Corp, the New York-based condo builder and apartment manager, has a new lease on life, according to CEO William Friedman. by Debtwire
Tribune: Books not out yet on Cubs/Comcast sale; may be necessary to hit leverage covenants, sources say
Books for Tribune Co’s sale of the Chicago Cubs might go out in mid-September, people familiar with the situation said, and management may need proceeds from the sale to meet a 9x leverage loan covenant when the company comes back to market for the second step of its buyout financing. by Debtwire
Kazkommertsbank and other Kazakhstani banks pay the price of popularity in global sell-off
Kazkommertsbank’s (KKB) five-year CDS widened by 15bps-20bps today (21 August), despite the bank’s attempts to mollify debt investors yesterday during a 1H07 earnings call. by Debtwire
Dollar General investors focus on ’clean’ EBITDA numbers
Dollar General’s investors are concerned about how much “clean” EBITDA can be booked, after stripping away add-backs from its operational overhaul and its USD 7.3bn July buyout by Kolberg Kravis Roberts & Co. by Debtwire
First Data mega-financing could test the market as early as next week; deal structure may trump credit quality
The sheer size and aggressive structure of the First Data deal will make it a litmus test for the other LBOs stalled in the capital markets pipeline. by Debtwire
Wilton Industries’ buyout financing confronts retail taint, inhospitable primary market
Wilton Industries’ new USD 950m buyout financing package is facing challenges emblematic of the primary market’s broader struggle, said several buysiders looking at the deal. by Debtwire
Argentina: Changes to government energy policy unlikely despite crisis
Argentina is not expected to change its energy policies under a new Kirchner administration, sources said. by Debtwire
Technical Olympic improves pricing and structure of USD 500m loans
Technical Olympic (TOUSA) has flexed pricing up on its USD 500m credit facility and improved call protection to address investor concerns, said a source close to the situation and a buysider. by Debtwire
Chrysler Auto loans still under fire as Chrysler Financial sets pricing
Chrysler Financial has set pricing for its USD 8bn loan package, but terms on Chrysler Automotive’s USD 12bn deal remain contentious, according to buysiders. Commitments on both loans are due today. by Debtwire
Movie Gallery plot foreshadows a testy valuation battle among second lien loans and bonds
Long-time investors in Movie Gallery experienced a case of déjà vu last week when the announcement of an unexpected performance slip and cash crunch set off panic selling reminiscent of March 2006. by Debtwire
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