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Guarantor: National Bank of Greece SA Rating: Baa1/BBB

The syndication of the $3.5bn five year revolver for A-/A3- rated Royal Philips Electronics is progressing well with the majority of commitments expected next week. The deal is being sold as a strong relationship play, with the prospect of plentiful ancillary business a key to drawing in sufficient support.

The £9bn loan facility for Network Rail is expected to be signed imminently, possibly as early as today (Friday). Nine banks - UBS Warburg, Barclays, Dresdner Kleinwort Wasserstein, Citigroup/SSSB, HSBC, Merrill Lynch, Royal Bank of Canada, Royal Bank of Scotland and WestLB - have each committed £1bn to the deal.

Finland The Finnish government yesterday afternoon (Thursday) completed its Eu420m marketed secondary offering in Fortum at a share price of Eu5.50, a 2% discount to the closing price of Eu5.61. Merrill Lynch lead managed the offering which was 2.2 times covered. The government sold 77m shares, comprising 9% of the company, to reduce its stake in the stock to 61%.

Rating: Aa3/AA- Amount: Ck500m

Senior syndication of the Eu500m five year term loan for power company Hafslund has been closed and launched into general syndication by joint bookrunners BayernLB and DnB Markets. Crédit Lyonnais, Danske Bank, Nordea, SEB Merchant Banking and Union Bank of Norway have joined for takes of Eu60m.

Paccar Financial Europe has updated the debt ceiling off its Euro-CP programme. The amount has been increased from euro400 million ($379.4 million) to euro750 million.

Amount: $2.781bn, Eu750m, £1.104bn Series 1 Class A: $750m

The $500m five year term loan for Bangko Sentral ng Pilipinas has been launched into general syndication by arrangers BNP Paribas, DBS Bank, ING Bank, Standard Chartered, BPI Capital Corporation, Metropolitan Bank and Trust Company and Rizal Commercial Banking Corporation. Banks will receive a margin of 190bp over Libor. Fees to the market are set at three levels. Senior lead managers pledging $40m or more will receive 67.5bp, lead managers taking $20m-$39m gain 50bp and managers contributing $10m-$19m earn 25bp.

Pirelli & C Real Estate will be aiming to attract investors with its unique business model when it floats later this month. The company set the price range on Monday at Eu26-Eu31.5, to give a valuation for the equity of Eu950m-Eu1.15bn. Pirelli Real Estate will float 40% of its capital on the MTA segment of the Borsa Italiana, of which about Eu105m-Eu120m will be a capital increase.

This week Pliva, the largest pharmaceuticals company in central and eastern Europe, has successfully secured a $165m three year club-style facility through mandated arranger Citigroup/SSSB. The deal pays a margin of 50bp over Libor. The facility will be used to fund the acquisition, which was also announced this week, of Sidmak Laboratories of New Jersey.

The Eu100m four year facility for BRE Leasing is due to be signed at the end of this month following the close of syndication. Commerzbank is arranging the deal, which pays a margin of 62.5bp over Libor.