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
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)