Centrica shuns loan market for EDF deal

Centrica, the UK utility and owner of British Gas, will not tap the loan market to fund its £2.3bn acquisition of a 20% stake in British Energy, the nuclear power company. Instead, the cash element of the deal, totalling £1.1bn, will be financed using proceeds from Centrica’s £2.31bn rights issue completed in December. This comes despite the fact that the company turned to banks at the end of last year, seeking to raise a club loan of about £1bn to back the purchase.

  • 11 May 2009
The move confirmed many bankers’ speculations that the loan had fallen away. “It’s disappointing, but I think its not going to happen any more,” a banker close to Centrica said two weeks ago. “They raised a lot via the rights issue, and they haven’t used any of those ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%