Irish Nationwide Building Society has mandated BNP Paribas, Danske Bank, Royal Bank of Scotland and WestLB to arrange a £200m three year, four month term loan. The deal was expected by bankers to have been launched into syndication yesterday (Thursday).
The margin for the facility is Libor plus 19bp. It is to refinance a 1998 Eu225m facility and will also be used for general corporate purposes.
Banks are invited to commit £15m for 17bp as co-arrangers and £10m for 15bp as lead managers.
As a financial institution, the asset will carry a 20% risk weighting. The borrower is the second largest building society in Ireland.
It recorded a Eu96.9m profit before tax last year, Irish Nationwide had a cost income ratio of 22% and capital adequacy ratio of 11% in 2002. It is rated A3 by Moody's and A-/F2 by Fitch.
