patrik-edsparr

Citadel’s Head of Institutional Markets Peter Santoro Said to Leave Firm

by on December 9, 2009

Bloomberg:

By Saijel Kishan and Katherine Burton Dec. 9 (Bloomberg) — Peter Santoro , head of institutional markets at Citadel Investment Group LLC, left the firm, the second executive to depart from Ken Griffin’s securities business since October, according to two people familiar with the situation. Santoro, 37, left the Chicago-based firm yesterday, said the people, who asked not to be named because the information is confidential. Chris Boas , 37, who was head of structured credit within Citadel’s hedge funds, will become global head of credit markets at the securities unit, the people said. Santoro’s departure comes less than two months after Citadel announced that Rohit D’Souza , who headed Citadel Securities, was leaving a year after joining the firm. D’Souza was replaced by Patrik Edsparr , who was global head of fixed income for Citadel’s hedge fund. Katie Spring , a spokeswoman for the Chicago-based firm, declined to comment. Santoro didn’t immediately return a message seeking comment. Santoro joined Citadel last year from Citigroup Inc., where he was global head of trading. He was previously the chief executive officer of Knight Financial Products, a brokerage firm that was sold to Citigroup in 2004. Boas is replaced by David Hensle and Becket Wolf , who work in Citadel’s credit business. Ravi Mattu , who worked in fixed income research within Citadel’s hedge funds, will become global head of research and strategy reporting to Edsparr. Mattu, 56, previously was head of research at Lehman Brothers Holdings Inc. To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net ; Katherine Burton in New York at kburton@bloomberg.net ;

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Citadel’s Head of Institutional Markets Peter Santoro Said to Leave Firm

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Griffin’s Citadel Said to Debut High-Yield Loan Deal With Targa Resources

by on December 7, 2009

Bloomberg:

By Pierre Paulden and Richard Bravo Dec. 7 (Bloomberg) — Citadel Securities is arranging its first loan for a corporate borrower as the investment banking division of Citadel Investment Group LLC builds a credit business, according to people familiar with the situation. Targa Resources Inc., a Houston-based gas-pipeline company, selected Citadel, alongside Deutsche Bank AG and Credit Suisse Group AG, to arrange credit facilities of as much as $700 million, according to the people, who declined to be identified as the loan hasn’t closed. Ken Griffin , who founded Chicago-based Citadel in 1990 at the age of 23, started an investment-banking firm last year to diversify from its $13 billion hedge-fund business. Leveraged- loan sales have risen as the market has rebounded 47.1 percent from a record 28.1 percent decline in 2008 amid the failure of Lehman Brothers Holdings Inc. and a seizure in credit markets. Devon Spurgeon, a spokeswoman for Citadel declined to comment. Matt Meloy , a vice president for finance and treasurer for Targa, didn’t return a call. Banks have arranged $41 billion of leveraged loans since September, more than in each of the previous three quarters, Bloomberg data show. High-yield, high-risk debt is rated below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s. Loans are repaid first in bankruptcy, before bonds and equities. Revolving Loan Citadel hired Mike Weir , a loan trader at Morgan Stanley, in October for its credit business. That month, Patrik Edsparr was named to run the securities firm. In November, Citadel underwrote its first benchmark bond offering, a $500 million issue for Advanced Micro Devices Inc. The Targa bank debt will include a $150 million revolving loan due 2014 and a term loan due 2016, the company said in a Dec. 4 statement. The term loan could be as large as $550 million, with proceeds used in part to refinance Targa’s 8.5 percent senior unsecured notes due in 2013, according to the statement. The remaining proceeds will also be used to repay the existing balance on its senior secured term loan due 2012 and to purchase a portion of parent company Targa Resources Investments Inc.’s loan facility due 2015, the statement said. The company is rated Ba3, the third-highest speculative grade, by Moody’s. To contact the reporters on this story: Pierre Paulden in New York at ppaulden@bloomberg.net ; Richard Bravo in New York at rbravo5@bloomberg.net

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Griffin’s Citadel Said to Debut High-Yield Loan Deal With Targa Resources

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Citadel Debuts Benchmark Debt Underwriting With Advanced Micro Offering

November 18, 2009

By Pierre Paulden and Gabrielle Coppola Nov. 18 (Bloomberg) — Citadel Securities , the investment banking division of Citadel Investment Group LLC, is underwriting its first benchmark debt offering as it seeks to diversify from its $14 billion hedge-fund firm. Advanced Micro Devices Inc. selected JPMorgan Chase & Co. and Citadel to sell $500 million of senior notes to buy back outstanding convertible debt, according to a person familiar with the offer who declined to be identified because terms aren’t set. Ken Griffin , who founded Citadel in 1990 at the age of 23, started an investment-banking firm last year to compete with banks such as Goldman Sachs Group Inc. and Morgan Stanley. Patrik Edsparr was named last month to run the business, which advises clients including Cumulus Media Inc. an Atlanta-based broadcaster, and casino operator Fontainebleau Las Vegas Holdings LLC, which filed for bankruptcy in June. Devon Spurgeon, a spokeswoman for Chicago-based Citadel, declined to comment. The world’s second-largest maker of personal-computer processors will use proceeds from the offering and existing cash to purchase as much as $1 billion of its 5.75 percent convertible senior notes, Sunnyvale, California-based Advanced Micro said today in a statement distributed by Business Wire. Brenda Rarick, a spokeswoman for the chipmaker, declined to comment. The convertible buyback may make the chipmaker more attractive to investors concerned Advanced Micro would lack the cash to repay looming debt maturities, said Joanne Feeney , a New York-based analyst for FTN Midwest Securities Corp. The eight-year debt, which can’t be called for the first four years, may be sold as soon as Nov. 23, according to the person familiar with the offering. The notes may be rated B2 by Moody’s Investors Service and B- by Standard & Poor’s, the person said. To contact the reporters on this story: Pierre Paulden in New York at ppaulden@bloomberg.net ; Gabrielle Coppola in New York at gcoppola@bloomberg.net

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