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XL Capital, the insurance firm, has mandated Citigroup as sole arranger and bookrunner on a £400m letter of credit facility. The six year deal will pay an out of the box margin of 65bp over Libor, which will ratchet according to a financial strength rating.

French advertising company Havas last Friday (September 17) confirmed details of its Eu404m rights issue. Deutsche Bank, which had been providing financing for the company's abortive bid for US advertising company Grey Global, won the global co-ordinator and bookrunner mandate, while Calyon, which had also been supporting the bid, was appointed joint lead manager. Havas will offer 122.5m shares to its shareholders on a five-for-two basis, increasing its share capital by 40%. Shareholders will be able to subscribe for the shares at a price of Eu3.30, a discount of 19.3% to the close of September 16. The subscription period for the issue begins on September 27 and will close on October 6, with the shares beginning trading on October 19.