Short Takes on High Yields


High yield buy-sider Stephan Michel jumped ship last week, joining London-based Green T Asset Management as senior portfolio manager. Michel will oversee the Green T Fund, which has more than $100 million in the European high yield market. He was previously at Cabot Square Capital, also in London, where he was involved in the development of the European high yield bond market and focused on the telecom sector...

Credit Suisse First Boston hired Edward Garden, Geoffrey Manna and Pedro Garcia last week, all from Deutsche Banc Alex. Brown, for its leveraged finance team. Manna and Garcia are both specialists in the high yield and leveraged lending areas and were previously vice presidents at Deutsche's financial sponsors group and transportation group, respectively. Garden, formerly managing director at Deutsche, is managing director responsible for leveraged buyouts...

Nextel Communications announced that its chairman and chief executive Daniel Akerson will shift out of the day-to-day operations of the issuer to become co-chairman and a significant investor in Eagle River Investments LLC, Craig McCaw's private investment company. Eagle River holds McCaw's interests in Nextel, Nextlink and Teledesic. Akerson will join Eagle River effective August 1. It is anticipated that McCaw, whose family began investing in Nextel in 1995, will assume the position of chairman of the Nextel board of directors on January 1, 2000...

McLeodUSA, a competitive local exchange carrier, filed with the Securities and Exchange Commission to raise up to $1.75 billion of securities. The telecom issuer, based in Cedar Rapids, Iowa, will raise the capital in the form of common and preferred stock as well as debt. The proceeds will be used to further finance its system of fiber optic cables and other telecom assets...

Liberty Media Group reportedly completed a purchase of 8% of News Corp. for about $2.1 billion. The transaction gives Liberty the second-largest stake in News Corp., behind only News Corp. chairman Rupert Murdoch. The deal was a swap whereby Liberty traded its half interest in Fox/Liberty Networks for $1.43 billion in News Corp. common shares...

High yield issuer AK Steel reported earnings of $7.9 million for the second quarter of 1999. That included a charge of $12 million stemming from the refinancing of the company's $325 million 10.75% senior notes due in 2004. Revenues for the quarter were a record $682.6 million on shipments of 1.3 million tons.