Kyros - Re MIR, seems negotiations are near culmination according to the following - any comments:
From S&P's Leveraged Commentary and Data service:
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Mirant bank debt steady as lenders huddle
New York, July 8 (Standard & Poor's LCD) – The markets in various Mirant Corp. credit facilities are holding in the 60s today as the company hunkers down with lenders to thrash out a restructuring, sources said.
The company's paper maturing this month is quoted right around 66, the 2004 paper is quoted at either side of 68 and the 2005 paper is bid at 69 against offers of about 71, sources said.
The trickiest part of the restructuring is the bank debt, as lenders have dug in their heels against the company's previous proposals, sources said. The bank debt tumbled into the 60s last week following a conference call, which highlighted a lack of progress in negotiations.
Bank debt players are fully focused on energy credits today. Reliant paper is quoted at 93-94 on the revolver and 94-95 on the term loan, while NEG is quoted right around 55, where the paper traded in size yesterday. CenterPoint is quoted at 98-99, Dynegy pro rata is quoted at 97-98 and the B is quoted at 96.5-97.5.
The company has offered to exchange up to $1.45 billion in outstanding unsecured bonds due over the next three years for new secured notes maturing 2008. Mirant and MGI bondholders would get cash payouts and higher interest rates. Mirant bondholders would also receive warrants to purchase Mirant stock.
The company's bank debt lenders originally opposed the plan, then said they would be prepared to share collateral with bondholders on the condition that they are provided with some kind of advantage. The banks asked for a loan maturity of 2006 and pricing of L+550, sources said.
Mirant has $1.125 billion in debt due this month. The exchange offer is contingent on a refinancing of about $3.5 billion in bank debt. - Paddy Hirsch
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