Coventry Building Society taps market with £150m revolver

Lloyds TSB Capital Markets and WestLB have launched a £150m five year revolving credit facility for Coventry Building Society

  • 09 Mar 2001
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Before launch, the arrangers were joined by Bayerische Landesbank and RBS as co-arrangers.

The margin on the facility is 16bp and the commitment fee is 7.5bp. Banks are asked to join at levels of £15m and £10m.

The loan will be used for general funding purposes including the refinancing of existing debt. The borrower has undertaken to maintain outstandings at 50% of the uncancelled facility amount.

The building society last tapped the loan market in 1998 when it took a £200m two tranche revolver via Bayerische Landesbank and WestLB. That facility was for seven years and paid 16bp over Libor on the margin. The loan was oversubscribed and increased from £100m.

The borrower is rated single-A by Fitch.

  • 09 Mar 2001

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