It's like clockwork: after every major selloff, the BWICs emerge, as yet another small credit fund implodes and its collateral is seized by prime brokers. The latest is a $118 million loan BWIC by a seller whose "identity is to remain anonymous" (identity probably wasn't so anonymous when the fund was making nice levered returns in 2006 when every fool was greater and a chimp with a TRS line would be living in the TimeWarner penthouse) and a March 4 deadline for bids. The 33 loan list contains a broad list of nuked secured debt, with notable names being $10.5 million of the NewPage TL B, $7.8 million Level 3 Financing TLB, $6.8 million of Catalent Pharma TL, $5.6 million of Univision's 1st Lien TL, $5 million of Simmons bedding TLD (someone is really kicking themselves for this one).
Considering the state of the market, single digits bids sound appropriate no?
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