November 30, 2016 / 1:45 AM / in a year

MOVES-Trump's likely pick for Commerce Sec. Ross familiar face in loan market

NEW YORK, Nov 29 (TRLPC) - President-elect Donald Trump’s expected pick for Commerce Secretary Wilbur Ross, the distressed investor and billionaire financier, is a familiar face to long-time participants in the $860 billion leveraged loan market.

In the early 2000s, among leveraged loan deals Ross’ firm WL Ross & Co was involved in, was the buyout financing for Horizon Natural Resources, according to data from Thomson Reuters LPC.

UBS in 2004 led a financing to back the purchase of Horizon Natural Resources assets by an investor group led by WL Ross & Co, according to LPC data.

The financing was upsized during syndication and its $175 million term loan broke for trading at over 101.

Ross’ bid in 2007 for bankrupt auto supplier Collins & Aikman caused the company’s debt to drop after its $134 million offer was not as rich as some investors had hoped.

Invesco acquired WL Ross & Co in 2006, according to a news release from that time. He currently serves as chairman and chief strategy officer and Stephen Toy and Gregory Stoeckle serve as co-heads, according to the Invesco website. (Reporting by Kristen Haunss)

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