M25 loan breaks free after retail flop
The £956m project loan backing the widening of the M25 motorway in the UK, which has suffered a disappointing retail phase, broke free to trade on Monday even though lenders have yet to be signed into the facility. The failure of the loan to pick up any commitments — although five stragglers could still join the deal — showed that the project finance market still depends on top-line banks and is unattractive to a wider range of lenders.
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