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  • Rating: Aaa/AAA/AAA Amount: $100m (fungible with $500m issue launched 12/02/03)
  • Merck is considering an increase on its Eu900m revolver after achieving an oversubscription through lead banks Citigroup, Commerzbank and Dresdner Kleinwort Wasserstein. Debt is split into a Eu300m one year tranche 'A' and a Eu600m five year tranche 'B'. The initial margin on tranche 'A' is 35bp over Euribor and 42.5bp on tranche 'B'. There is a 5bp utilisation fee if over 50% of the loan is drawn.
  • Public Power Corporation has mandated ABN Amro and EFG Telesis Finance to arrange a Sfr510m loan facility. The deal will feature two, three and five year tranches and refinances a $500m loan signed in 1998.
  • Guarantor: Bank of Scotland Rating: Aa2/AA/AA
  • Amount: A$350.2m Legal maturity: May 18, 2034
  • Sun Hung Kai Properties Financial Services has awarded a mandate to 11 banks for a HK$7bn seven year revolving credit. Co-ordinating arrangers are Bank of China (Hong Kong), Bank of Communications, Bank of Tokyo-Mitsubishi, BNP Paribas, Citigroup, Hang Seng Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Standard Chartered and Sumitomo Mitsui Banking Corp.
  • Guarantor: Land Kaernten Rating: Aa2
  • Mandated arrangers LB Kiel and RZB have closed syndication of the Eu40m term loan for Reykjavik Savings Bank (Spron). Banks will be signed into the deal in the next two weeks. The deal was oversubscribed and increased to Eu47m.
  • General syndication will get under way next week on the $2.65bn demerger loan for InterContinental Hotels Group. Barclays, Citigroup, HSBC, JP Morgan and Royal Bank of Scotland are arranging the facility. In the senior phase of syndication of InterContinental, banks were asked to take $150m for 47.5bp flat.
  • Crédit Lyonnais, HSBC and Royal Bank of Scotland have been mandated to arrange a £140m five year revolving credit for Interserve plc. The margin ratchets, linked to consolidated net borrowings to Ebitda, from 85bp to 115bp and opens at 85bp.
  • Amount: Eu350m Maturity: July 15, 2005
  • SEB Merchant Banking continues to make progress in Nordic syndicated loan financing, increasing its share of lead arranger business in the region to 10.4%. The lender has moved from sixth place - as last reported by EuroWeek in mid-March - to second in Dealogic LoanWare's mandated lead arranger table for Nordic borrowers.