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G.A.
1 Comment
Wachovia, Clear Channel and Fair Value Madness [view article]
Here is something interesting that kinda supports your thoughts on CCU debt. This hit the wires on Feb 26th....CCU Debtwire says Credit Suisse taking aggressive approach to unloading Clear Channel debt - FT Mergermarket (33.80)
StreetAccount notes that the Mergermarket report is provided by Debtwire and is available in the FT today, but may have been released to subscribers previously. Citing sources familiar with the situation, Debtwire says that Credit Suisse has once again broken ranks with a bank syndicate and has been aggressively looking to offload chunks of the $19.5B credit facility for the Clear Channel deal. According to the article, Credit Suisse even offered a "name your own price" strategy to select buyside accounts on orders over $100M. Of interest, sources note that in a somewhat similar move, the bank also ventured out on its own to unload its portion of a $7.25B backing the buyout of Harrah's Entertainment before the other arrangers could even price the transaction. Citi is the lead bank on the syndicate, which also includes Deutsche Bank, Morgan Stanley, RBS and Wachovia. Feb 27 07:47 AM