Search results for

The debt backing private equity firm Bain Capital's buy-out of France's Framatome is said to be struggling in syndication. Mandated lead arrangers and bookrunners Bank of America and Goldman Sachs launched the deal in early November, yet bankers say only one bank has committed to the deal: DZ Bank. According to the bookrunners, however, "a number of institutions are looking at it and certain tranches are oversubscribed".

Financial institutions squeezed the last drop of liquidity out of the European bond market this week by bringing a few more deals.

Packaging company Huhtamaki's Eu475m loan, via bookrunners Citigroup, Handelsbanken, HSBC and Nordea Bank, has been signed and increased from Eu450m following an oversubscription. The five year facility with two one year extension options was targeted at relationship banks, that were asked to commit Eu40m for a take of 10bp.

Insurer Groupama has finished an extension and amendment to a Eu1bn five year facility from December 2004. The maturity has been extended an extra year and the margin will be reduced from 20bp to 15bp. The commitment fee has dropped to 4.5bp from 6bp.

The Region of Friuli Venezia Giulia issued its first fixed rate bond this week, a Eu387m amortising 15 year, led by Citigroup, Depfa, Dexia, Nomura and UniCredit Banca Mobiliare. While the issuer is no newcomer to the bond market, it had previously only issued floaters. "Ninety-five percent of our debt is in variable format but we wanted to cover ourselves ahead of possible future rate increases," said Claudio Kovatsch, the region's chief financial officer. "The market is expecting further rate increases in the future, which encouraged us to choose the fixed rate format. Furthermore, we wanted to rebalance our debt. The fact that we could print a 3.56% coupon for a 15 year transaction gives us comfort and tranquillity."

The Eu391.3m facility — Eu366.3m of senior debt and a Eu25m mezzanine facility — for the acquisition of Groupe Financière Galaxie is to close next week via sole mandated lead arranger Natexis Banque Populaires.

Rating: Aaa/AAA

Tour operator Tui's Eu1.5bn facility via Citigroup, HVB, HSH Nordbank and Royal Bank of Scotland, has been signed. The three year revolver with two one year extension options was oversubscribed during syndication. It will refinance existing debt and be used for general corporate purposes.

Dresdner Kleinwort Wasserstein will soon be wrapping up the Eu175m of debt for distributor of speciality chemicals Azelis. Electra Partners bought the company in 2003 and since then Azelis has made eight acquisitions.

Black Sea Trade and Development Bank's $40m three year bullet facility has raised $65m during syndication. Mandated lead arrangers BayernLB, Natexis Banques Populaires and Sanpaolo IMI will sign the deal on January 12.

Rating: A2

Rating: B1/B