RWE gets first jumbo loan of 2009, giving some hope to market
RWE, the German utility, helped the loan market start the year on an upbeat note after it secured a Eu9bn one and two year deal backing its bid for Dutch peer Essent. Ten banks committed to the facility, which is unlikely to be sold down further. The margin, initially 150bp over Euribor, steps up by 50bp every six months, encouraging the borrower to tap the bond market as soon as possible to take out the facility.
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