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  • The retail phase of the syndication of the £1.795bn of debt facilities for Tube Lines, should be wrapped up next week, with the lead banks HBOS, Mizuho, SG (bookrunner) and WestLB predicting a positive conclusion. In general syndication banks have been invited to join at three levels: co-arrangers taking £50m or more for fees of 70bp; lead managers taking £35m for 55bp in fees; and managers with £20m for 37.5bp.
  • Mandated arrangers ABC (facility agent) and Citigroup/SSB (bookrunner) are completing the documentation stage of the $50m facility for Union International de Banque (UIB). The deal will be signed in two weeks. Arab Investment Company has joined as lead arranger for a take of $10m.
  • Akbank has returned to the market to secure a $350m one year refinancing. One banker close to the deal told EuroWeek that pricing, at 170bp, is very aggressive and that the borrower will be pushing the limits of many of its relationship banks.
  • Vinci, the French construction and concession group, defiantly went ahead with the European leg of its roadshow this week, despite awful market conditions. The borrower hopes to bring a debut two tranche transaction, comprising a Eu500m seven year bond and a £150m-£200m 10-12 year bond, through BNP Paribas, Crédit Lyonnais, SG and UBS Warburg.
  • 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.
  • 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.