Borrowers flock for refis as IG prices tighten
Dutch borrowers Phillips and Heineken are both out in the market with self-arranged refinancing deals, looking to take advantage of the tightening prices on offer to investment grade corporates in the bank market.
Brewer Heineken International has until April next year to refinance a Eu2bn revolver that was arranged in 2005. The seven year line, which carries a margin of 15bp, was agreed with a syndicate of 17 banks, co-ordinated by Barclays Capital.
Last year, consumer electronics group Philips signed a
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