Search results for

Guarantor: Hamburgische Landesbank Girozentrale Rating: Aa1/AA/AAA

The UK insurer Hiscox announced a £110.5m rights issue this week. Bankers are expecting a long line of insurance companies to raise money on the equity markets in the fourth quarter. ING has fully underwritten the one-for-two rights issue, which will get under way on September 19. Investors will have until October 21 to subscribe for the rights.

The mandate to arrange the Eu130m seven year facility for the Municipality of Budapest is due to be awarded in the next few weeks after renewed bids were submitted this week. However, one banker told EuroWeek that the renewed offers are available until November, so the borrower has plenty of time before it has to award the mandate.

HVB Group is preparing to bring an Eu828m financing for the Stendal pulp mill project to market by early October. The project is a 552,000 tonnes a year capacity mill in Saxony-Anhalt producing northern bleached softwood kraft pulp. The debt for the project is structured into six tranches including a Eu465m 15 year facility and a Eu62m eight year tranche. A further three tranches amounting to Eu141m with 5-1/2 year, eight year and 15 year tenors are for working capital, standby facilities and debt service reserve account funding. The final element is a Eu160m five year bridge loan to pre-finance part of the deal's government subsidies.

Rating: Aaa/AAA/AAA Amount: Eu300m Öffentlicher Pfandbrief series K5008 (fungible with Eu750m issue launched 19/08/02)

Rating: Baa2 Amount: Eu250m (fungible with transaction first launched 03/07/02 now totaling Eu750m)

Rating: A1/A+ Amount: Eu50m

Mandated arrangers ABN Amro, ANZ Investment Bank, Crédit Lyonnais and Standard Chartered are collecting commitments to join the $250m multi-tranche facility for Reliance Industries. The deal is already heading towards an oversubscription and should be closed in 10 days.

Rating: Aaa/AAA Amount: $2bn

The second round of syndication for the Eu2.525bn of senior debt backing the Madison Dearborn Partners-led buy-out of paper and packaging company Jefferson Smurfit Group (JSG) got underway this week after a week's delay while a related Eu900m high yield bond was roadshowed in the US. Mandated lead arrangers Deutsche Bank and Merrill Lynch have offered banks a single ticket of Eu75m with a projected final hold of Eu45m for fees of 125bp.

A bank meeting was held on Tuesday for the syndication of the Eu78.5m of senior credit facilities for the buy-out of CFP Flexible Packaging SpA through mandated lead arranger BNP Paribas. The Eu74.5m of senior debt is split into a Eu25m six year amortising term loan 'A' which carries a margin of 210bp over Euribor and a Eu17m 7-1/2 year bullet term loan 'B' which pays a margin of 260bp. There is also a Eu10m six year revolver with bullet repayment offering a margin of 210bp and a Eu22m six year amortising capex facility paying 210bp.