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  • Mandated arrangers Citigroup/SSSB and ING have launched the Eu170m five year bullet facility for Polskie Sieci Elektroenergetyczne (PSE) into syndication. Banks that have been invited to join have put together proposals this week and are due to approach their credit committees next week. Commitments are expected to be returned soon after.
  • BNP Paribas, SG and WestLB have clinched the mandate to arrange a Eu1.5bn revolver for the Republic of Portugal. As the mandate letter has not yet been signed, details are scarce. However, EuroWeek has learnt that the deal has a three year tenor and will carry fine pricing.
  • The mandate to arrange the $300m facility for Qatar Fuel Additives Company Limited (Qafac) will be awarded by today (Friday).
  • Rating: Aaa/AAA/AAA Amount: R150m
  • Rating: Aaa/AAA/AAA Amount: £125m (fungible with the £175m issued 15/02/02)
  • Rating: Aaa/AAA/AAA Amount: £125m (fungible with the £175m issued 15/02/02)
  • The £500m five year revolver for engineering group Rolls-Royce is heading for an oversubscription and is expected to be increased. Joint arrangers and bookrunners JP Morgan and Royal Bank of Scotland have offered two tickets: £40m for 25bp; and, £25m for 17.5bp.
  • SG has fully underwritten a $250m six year export secured facility for Gazprom. Commitments are being collected and a club of arrangers is almost complete.
  • Bankers invited to join syndication of the £120m five year bullet revolver for Saga will attend a bank meeting and site visit at the company's headquarters in Folkstone today (Friday). In a one-step syndication Bank of Scotland has asked banks to commit £10m for 20bp, £15m for 25bp or £20m for 30bp. The loan carries a margin of 115bp over Libor and offers a commitment fee that is 50% of the applicable margin.
  • EuroWeek understands that Scottish & Newcastle (S&N) is in discussions with relationship banks about refinancing outstanding debt after the summer. S&N released financial results this week for the year to April 28, 2002. Its operating profit was £442.3m.
  • Mandated arranger Standard Chartered has signed a $150m facility for Dubai Aluminium Company this week. The facility is made up of two tranches: a $100m 10 year piece and a $50m 10 year portion. The loan will be used to fund an expansion project.
  • EuroWeek hears that Mizuho has approached the market for the refinancing of a £510m debt facility which backed the buy-out of Dunlop Aerospace by Charterhouse in 1998. Doughty Hanson & Co bought the aerospace business of the then BTR. BTR has since been merged into Invensys.