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Fairchild Semiconductor International has obtained a $480 million credit line, taking the opportunity to cut interest costs by retiring $300 million of 103/8% senior subordinated notes, said Pete Groth, Fairchild Semiconductor's treasurer. The company also turned to the bank loan market because of the ability to pre-pay the credit at any time, he said. Depending on the performance of its stock, Fairchild Semiconductor may issue equity to reduce its debt, he said. The loan will be a "bridge to a time when we de-lever," said Groth.

FleetBoston Financial has launched syndication of a $175 million refinancing deal for Moran Transportation. The credit includes a six-year, $125 million term loan priced at LIBOR plus 31/4% and a five-year, $50 million revolver priced at LIBOR plus 21/2%. The credit will refinance the Greenwich, Conn.-based company's existing $78.6 million term loan priced at LIBOR plus 31/2%, $40 million "A" loan priced at LIBOR plus 3% and $60 million revolver also priced at LIBOR plus 3%. A Fleet official declined comment.

Guggenheim Investment Management has closed on a new $300 million leveraged loan fund that is approximately half ramped up. Notes for the vehicle, called Loan Funding Corp. 2003-1, were priced two weeks ago, said a source. He noted that the fund has a six-month ramp-up period and will target single and double-B names. The fund issued $25 million of class A notes and $12 million of class B notes, rated BBB and BB respectively, according to Fitch Ratings. Pricing on the notes could not be determined.

BNP Paribas and Citigroup are slated to lead a $2.2 billion financing package for Intelsat in conjunction with the satellite system operator's purchase of six satellites from now bankrupt Loral Space & Communications for up to $1.1 billion (see story, page 1).

Chris Kilpatrick, a bank loan trader and structured analyst at PIMCO, will soon be leaving the firm to join the fixed income management firm Western Asset Management Company (WAMCO). Kilpatrick will start working at WAMCO in the beginning of August as an analyst on the firm's structuring desk.

Mirvac, the Australian property developer, this week inaugurated its Multi-option Presales Securitisation Programme (MOPS), issuing four tranches of MTNs via ANZ Investment Bank and Merrill Lynch.

BNP Paribas Peregrine has signed up Jeff Kung from Fidelity Investment Management to become its new head of company research for Asia (ex Japan).

It was another busy week for new equity issues from Taiwan. Several new deals were priced, while others are still being roadshowed and are due to be priced imminently. The transaction flow shows no sign of abating before the August summer break in Europe and the US.

The NEC Electronics IPO was priced on Monday at the top end of the price range. The deal was marketed in an almost ideal timing for a new issue from Japan and the 34m placement was priced at ¥4,200 to raise ¥143bn.

Korea Development Bank (KDB) and Korea First Bank (KFB) were forced to postpone their new bonds this week after a combination of market volatility, increased tensions with North Korea and investor disgust with recent Korean bond performance throttled demand.

Citigroup, Goldman Sachs and Merrill Lynch will next week begin the sale of up to $300m of American Depositary Receipts (ADRs) for Infosys. The deal allows Indian investors the chance to sell their shares at a large premium, and the offer should also promote broader international ownership of the stock.

Australian mortgage lenders continued to tap domestic investors this week, raising A$1.46bn . Last week Macquarie Securitisation and Credit Union of Australia raised A$1bn between them.