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  • ING (bookrunner), Goldman Sachs and Bank of Scotland (bookrunner) are arranging the £525m of senior debt facilities backing the recapitalisation of the UK's second biggest DIY retailer Focus Wickes. Some £435m of drawn term debt is split into a £235m six year term loan 'A' carrying a margin of 225bp over Libor, a £100m seven year term loan 'B' priced at 275bp and a £100m eight year term loan 'C' at 350bp. There is also a £90m revolver.
  • The Eu500m loan for Adecco mandated to Bank of America, Bank of Scotland and SG will be syndicated in the new year. Syndication of the Eu500m 364 day revolver for Cereol has been closed oversubscribed at around Eu697m. The borrower is mulling an increase.
  • France Télécom is planning to issue between Eu1.5bn and Eu2bn of seven to 10 year bonds imminently and banks have already been awarded a mandate for the deal, say investors. The troubled telco - Europe's most indebted company - announced plans yesterday (Thursday) to refinance Eu15bn of bonds between 2003 and 2005. The news of the restructuring was well received by the market.
  • France Télécom is planning to issue between Eu1.5bn and Eu2bn of seven to 10 year bonds imminently and banks have already been awarded a mandate for the deal, say investors. The troubled telco - Europe's most indebted company - announced plans yesterday (Thursday) to refinance Eu15bn of bonds between 2003 and 2005. The news of the restructuring was well received by the market.
  • Rating: Aaa/AAA Amount: $3bn (fungible with $4bn issue launched 11/09/02)
  • Friends Provident became the latest insurer to raise capital when it completed a £245m convertible yesterday (Thursday). The offering was lead managed by Merrill Lynch, which led the life insurer's IPO last year. Like most of the insurers that have accessed the equity markets over the last few months, Friends Provident was seeking to strengthen its balance sheet to allow it to continue to write new business.
  • FTE
    Barclays Capital is underwriting the debt facilities backing the buy-out of brake and clutch maker FTE from Dana Corp. The debt will be syndicated next year.
  • GECC completed its biggest term funding year on record this week with a $4bn offering of global bonds, bringing its total capital raising for 2002 to $85bn. The deal, led by Deutsche Bank, CSFB and UBS Warburg, included $1.5bn of five year and $2.5bn of 10 year bonds and is the biggest dollar global issue by any corporate since GECC last brought a $2.75bn two year floater and a $1.25bn seven year global to market in mid-September.
  • CSFB Private Equity is looking to exit its investment in casino and bingo hall business Gala. The sale may be a secondary buy-out, with potential bidders BC Partners and a consortium of CVC and Candover, or may be a recapitalisation.
  • Rating: Aaa/AAA Amount: Eu1bn
  • Rating: Aaa/AAA Amount: Sfr200m (fungible with Sfr350m issue launched 12/11/02)
  • Rating: Aaa/AAA Amount: $4bn