M25 loan breaks free to trade after retail flop
The £956m project loan backing the widening of the M25 motorway in the UK, which has suffered disappointing retail syndication, 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 in three months — 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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