Equant NV signed a $300 million credit facility last month for general corporate purposes. "It's for continued investment in our global network as well as operational and support systems and working capital," said Daan Heyning, treasurer. The facility matures in 2002 and has no separate tranches. He declined to reveal the pricing. The 364-day revolver provides Equant with additional resources until the closing of the proposed transaction with France Telecom and its Global One subsidiary. The global supplier of data networks, services and applications to multinational businesses is based in the Netherlands.
The company also has a $400 million facility with a 15-bank syndicate, which includes all three banks in the new credit. That facility will mature in 2001. Heyning declined to comment on questions relating to pricing, since it is not disclosed. Citibank/Salomon Smith Barney, Dresdner Kleinwort Wassertstein and the Royal Bank of Scotland are the lead arrangers. All three banks have equal ranking in the credit.