Search results for

Rating: Aa2/AAA (Moody's/Fitch) Amount: Eu100m

Mike Tims, editor-in-chief at MTN-i, is hiring. Can you master new subjects quickly? Do you talk confidently and have a clear and striking writing style? Well if you do then Mike would love you to work in his fun, friendly and frenetic office in London's Clerkenwell. But he moves fast so do not delay: the closing date is in 10 days' time. Tarik Senhaji need not apply. And Leak understands that Dresdner's head of desk, Henry Nevstad, has been missing important appointments. He was supposed to be swapping baby stories over a Sunday lunch with JP Morgan's head honcho, Alex Haidas, but Alex and his wife were left to dine alone.

In a market congested with senior debt and subordinated facilities backing seven jumbo European buy-outs, syndication of the Eu2.222bn debt facilities backing the Wendel Consortium's buy-out of Legrand from French electrical company Schneider, which closed oversubscribed by 30%, was a triumph. However, a ruling this week by the European Union's second highest court that the EU should never have blocked Schneider's Eu5.4bn acquisition of Legrand last year could stop the buy-out and unravel the successfully syndicated debt.

Co-ordinating arrangers ABN Amro and Citigroup/SSB have closed the Eu230m nine month bridging facility for IOI Corp. The co-ordinators held Eu65m and Eu50m respectively. Co-arrangers RHB Bank Bhd, Bumiputra Commerce Bank and United Overseas Bank took Eu33m apiece, and HSBC pledged Eu16m.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Holger Kron Deutsche Bank, Frankfurt

SelmaBipiemme, a leasing company majority owned by Mediobanca, this week launched its debut securitisation, a Eu600m securitisation of vehicle equipment and real estate leases. Lead managed by Mediobanca and Morgan Stanley the deal is the second time Mediobanca has securitised assets from its consumer and leasing division as a funding diversification tool.

Germany joined the football securitisation league this week with the completion of a Eu85m transaction for Schalke 04, the first German club to use the technique. Arranged by Schechter & Co, the 23 year private placement is rated triple-B by Fitch and backed by ticket and hospitality revenues from the Arena AufSchalke at Gelsenkirchen, in the heart of Germany's Ruhr industrial region. The coupon was undisclosed, with an average life of 17 years. Three investors participated from the US and one from the UK.

Caixa d'Estalvis de Catalunya this week tapped its Hipocat programme with a Eu696m securitisation of performing flexible mortgage loans, lead managed by SG. It is the bank's third securitisation in as many years of its flexible mortgage product, which allows customers to draw further amounts on their loans and temporarily defer interest and principal payment.

JP Morgan (joint bookrunner) and Mediobanca (joint bookrunner) have been mandated by Enel to arrange the refinancing of a Eu5bn revolver signed in 2001. The pricing, tenor and structure of the new deal will be similar to the loan it refinances. The 364 day deal offered an initial margin of 25bp over Euribor, which ratcheted on a ratings grid. A top ticket of Eu300m offered a fee of 10bp.

Joint lead arrangers and underwriters WestLB, SG and Lehman Brothers are preparing to launch the syndication of the £426.4m of senior credit facilities for the new Wembley National Stadium into the market next week. A bank presentation is scheduled for the week after. The pricing on the senior debt is set to range between 200bp over Libor to 250bp, which some bankers are describing as priced to sell.

Charter Communications is the talk of the loan market this week, following the company's announcement that its chief operating officer, David Barford, was placed on paid leave due to the pending status of a grand jury subpoena. The bank debt traded in the 81 1/2 - 82 1/4 context, although traders noted that trading was thin as market players got comfortable with the news. At these levels, some distressed funds are starting to look at the name, some traders added. Calls to Kent Kalkwarf, cfo, were not returned by press time.