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  • Vivendi Universal was dealt a double blow this week when questions were raised over the company’s accounting practices and a downgrade by Moody’s to junk status sent the media group’s share price plummeting to levels not seen since the late 1980s.
  • When Moody's cut Vivendi Universal's (VU) long term senior debt ratings from Baa3 to Ba1 on Monday, the message was loud and clear - get cash from your banks, quick. Standard & Poor's reiterated that message when it cut the media and telecoms conglomerate's long term corporate rating from BBB to BBB- the next day.
  • Having successfully completed senior syndication of the £450m acquisition facility for UK housebuilder Westbury, the deal will not be launched into a general syndication. Sole mandated lead arranger HSBC offered two levels in the sub-underwriting phase: £80m is offered with a final intended take of £50m or a £50m sub-underwriting ticket with a final take of £30m.
  • WestLB is in discussions with a number of banks for senior roles on the £414m loan financing for the £738m Wembley National Stadium project. These discussions are described as preliminary, with market feedback being used to help define the syndication strategy. The deal has a 16.5 year maximum maturity and pays a margin of 250bp over Libor. The deal's structure also features an accelereated repayment profile
  • Syndication of the £660m senior debt facility for betting chain William Hill will be wrapped up next week, with signing scheduled for the week of July 15. Barclays, Deutsche Bank and Royal Bank of Scotland are arranging the debt.
  • AOL Time Warner's bond spreads gapped out more than 200bp to junk levels this week as investors began to offload names even before there were any accounting scandals attached to them. The company's 10 year bonds, issued in April at 168bp over US Treasuries, were seen trading in the 500bp area from 300bp earlier in the week, despite the fact that there had not been any negative announcements by the company.
  • After assessing depressed equity markets, Yell has announced that it is delaying its planned IPO until true value can be realised. Soon after Yell made the announcement, Moody's confirmed the Ba3 rating of Yell's £1.05bn of senior bank debt.
  • Dutch corporate Buhrmann has set up a euro800 million ($784.66 million) Euro-MTN programme. Standard & Poor's has assigned its preliminary ratings to the asset-backed floating-rate notes to be issued off the facility. Buhrmann is a supplier of paper, office products and graphic systems.
  • Rating: Aaa/AAA/AAA Amount: Eu253m (fungible with three issues totalling Eu235m first launched 13/03/02)
  • Bank of Scotland (bookrunner) and Royal Bank of Scotland plan to sign Giro Bank, Lloyds and Yorkshire Bank into the £122m acquisition facility backing CD Bramall's acquisition of Quicks plc. The three banks are going through documentation, and funding is due on July 15.
  • Rating: Baa1 Amount: £150m
  • Arranger Development Bank of Singapore has launched a $50m three year term loan for Want Want Holdings through a British Virgin Islands SPV. Invitations have gone out to selected banks which will receive a margin of 70bp over Libor.