Four banks line up for EDF’s £11.5bn loan for BE bid
FRENCH utility EDF has lined up four banks — BNP Paribas, HSBC, Royal Bank of Scotland and Société Générale — to arrange an £11.5bn syndicated loan backing its proposed takeover of British Energy, the nuclear power generator.
A source away from the deal, which is thought to comprise one, three and five year tranches, said that its five year pieces pay 70bp over Euribor.
"That pricing seems unbelievably good given the borrowers [Aa1/AA-/AA-] rating," he said.
EDFs five year credits default swaps were trading at about 53bp
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