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 ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 40,734.72 129 10.95%
2 JPMorgan 33,625.25 95 9.04%
3 Wells Fargo Securities 31,464.27 90 8.46%
4 Bank of America Merrill Lynch 28,936.60 91 7.78%
5 Credit Suisse 23,189.41 72 6.23%