Search results for

Guarantor: State of New South Wales Rating: Aaa/AA+

Tranz Rail has named ABN Amro as financial adviser for the Clifford Bay project. The project will involve the relocation of the sponsor's inter-island ferry to Clifford Bay and Tranz Rail has requested ABN Amro to evaluate the merits of the move including a review of the business case for the new location, the cost and revenue benefits, together with an assessment of the construction and engineering requirements and a recommended financial structure for the project.

Mandated arrangers ABN Amro (bookrunner), Crédit Lyonnais (bookrunner), Fortis Bank, HVB Group, ING and WestLB have launched general syndication of the $460m term loan for Bonny Gas Transport Limited. Bank of Scotland, Natexis Banques Populaires, Nordea, Commerzbank and SEB Merchant Banking joined as arrangers for a ticket of $30m each. Four tickets are on offer during the retail stage of syndication: senior co-arranger for a take of $25m for 110bp; co-arranger for a take of $20m for 100bp; senior lead manager for $15m for 90bp; and lead manager for a ticket of $10m for 80bp. Commitments are due by March 4. For more details see EuroWeek 785.

Rating: Aa3 Amount: Eu100m

Bankers in the Nordic loan market have been forced to pick up the pace in the last 10 days as the region gets ready for an explosion of deals. One transaction which has sparked strong interest is the new facility for Sweden's Scania which is understood to be for over $1bn. The borrower has sent out requests for proposals to its relationship banks and bids are due back by today (Friday). A mandate should be awarded in the next two weeks.

Mandated arranger CSFB has launched general syndication of the Eu430m multi-tranche facility for Nycomed. This is the senior debt portion which makes up the financing backing the secondary buy-out of Nycomed by CSFB Private Equity, Blackstone and NIB from Nordic Capital. A bank presentation will be held in Oslo today (Friday). SEB Merchant Banking is jointly underwriting the deal. Two tickets are being offered during the retail stage of syndication: a Eu25m ticket for a fee of 75bp and a Eu15m ticket for 65bp. Senior debt is split into a Eu114m seven year term loan 'A' at 225bp over Euribor, a Eu103m eight year term loan 'B' with a margin of 275bp, a Eu103m nine year term loan 'C' paying 325bp and a Eu40m revolver at 225bp. There is also a Eu40m licensing facility, a Eu15m acquisition facility and a Eu15m capex loan. These tranches offer margins of 250bp.

Rating: AAA Amount: Sk750m

Following a month long bidding process involving two rival bidding groups, Bangko Sentral ng Pilipinas has awarded a verbal mandate for its annual $500m fundraising requirement. The winning consortium for the five year transaction comprises Citigroup/SSB, Crédit Lyonnais, HSBC, ICBC, Mizuho, Sumitomo Mitsui Banking Corp and Tokyo-Mitsubishi International (HK).

The Republic of the Philippines is looking to launch a seven year deal for up to Eu500m despite market concerns about the increasingly likelihood of military action against Iraq.

The Republic of the Philippines is looking to launch a seven year deal for up to Eu500m despite market concerns about the increasingly likelihood of military action against Iraq.

EuroWeek hears that PKN Orlen has approached its relationship banks to secure a facility of up to $500m with a tenor of up to five years. Although bidding is still at an early stage, the deal has caused a stir in the syndicated loan market. The keen interest is due to the quiet start to the year by central and eastern European borrowers, but is also due to the solid reputation of the borrower and its ambitions to expand its business.

Mandated arrangers Bank Austria Creditanstalt and RZB have launched syndication of the $25m two year and one day multi-currency facility for Bank Amerykanski w Polsce (American Bank of Poland). The facility is split into a $15m term loan which pays a 32.5bp margin and a $10m revolver which pays a margin of 35bp. For more details see EuroWeek 785.