Search results for

GUS, the retail and business services group, is planning to use its recently signed EuroMTN programme to refinance its acquisition of one of the UK's biggest DIY chains, Homebase. The purchase, as well as GUS's near term maturities, will be funded by a bank bridge facility, which is to be refinanced during 2003 by longer term debt. GUS signed its £2bn EuroMTN shelf last month via UBS Warburg. The borrower has yet to issue from the shelf, but is now planning its first trades following the £900m buy-out. "The acquisition will be funded on a long term basis throughout 2003 with a variety of bonds and I expect a significant element of this funding to be drawn from the MTN shelf," said Peter Blythe, GUS's finance director.

The Croatian Bank for Reconstruction and Development (HBOR) priced its debut Eu100m 10 year amortising bond with a yield of 5.85% on Wednesday, in the middle of pricing expectations. Lead manager JP Morgan had been marketing the offering with a yield of 5.8%-5.9%.

Guarantor: Bank of Scotland Rating: Aa2/AA/AA+

Barclays will launch the $315m acquisition facility for HIT Entertainment at a bank meeting on December 3. The deal supports the borrower's takeover of Gullane Entertainment.

BA Asia and Hang Seng Bank have been mandated to arrange a HK$1.3bn dual tranche FRCD for Shanghai Commercial Bank. The facility is divided between a two year tranche paying a margin of 15bp and a three year portion paying 18bp. Fees are set at three tiers: co-arrangers earn 10bp for tranche 'A' and 15bp for tranche 'B' for commitments of HK$100m; co-lead managers gain 8bp for tranche 'A' and 9bp for tranche 'B' for pledges of HK$50m-HK$99m; and co-managers receive 6bp for tranches 'A' and 'B' for takes of HK$25m-HK$49m.

Household Finance boosted market confidence for the second consecutive week with a blowout $1bn 10 year global bond. The deal, led by JP Morgan, Lehman Brothers and Morgan Stanley, attracted more than $7bn orders - the biggest order book for a bond in months and a rare occurrence for a finance company this year.

Rating: A2/A- Tranche 1: $1bn

Mandated lead arrangers ABN Amro, BayernLB, HSBC and JP Morgan launched the refinancing of Imperial Tobacco's $6.615bn acquisition facility into syndication yesterday (Thursday). The deal is split into five euro denominated tranches totalling Eu2.55bn and a £400m revolver.

According to some bankers the Eu250m three year term loan for building society EBS is already fully subscribed two weeks ahead of closing. This is despite the deal's skinny pricing. A ticket of Eu25m pays fees of 18bp and the margin is 21bp over Euribor. BNP Paribas, Royal Bank of Scotland and WestLB are arranging the deal.

France Georges Bouchard, the director of strategy for Gaz de France, said this week that the state owned gas utility was planning a partial flotation next year.

Guarantor: Nomura Holdings Inc Rating: Baa1/BBB

Rating: Aa1/AAA (Moody's/Fitch) Amount: Z120m