French telecoms firm Vivendi signed a Eu1bn five year refinancing loan late last week after only a couple of banks backed away from the tight 55bp margin on offer.
The club facility was signed by 10 of the companys relationship banks. Two existing lenders declined to participate when invited, said bankers close to the deal.Vivendi, rated Baa2/BBB/BBB, left many lenders appalled when it launched the deal in the summer with an out-of-the-box margin of 55bp. They accused
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