Bankers this week were processing approvals to join the $400m six year loan for Mirant Philippines that will form the first part of a larger financing package. The loan is not guaranteed by the US parent, instead allowing Mirant to recapitalise its initial investment, but offers an attractive yield for a relatively short tenor. Credit Suisse is sole mandated lead arranger and is inviting commitments in sub-underwriting. The loan has an average life of 3.25 years and offers a margin of 225bp over Libor.
June 09, 2006
