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Rating: Aaa/AAA/AAA Amount: R150m

Rating: Aaa/AAA/AAA Amount: £125m (fungible with the £175m issued 15/02/02)

Rating: Aaa/AAA/AAA Amount: £125m (fungible with the £175m issued 15/02/02)

The £500m five year revolver for engineering group Rolls-Royce is heading for an oversubscription and is expected to be increased. Joint arrangers and bookrunners JP Morgan and Royal Bank of Scotland have offered two tickets: £40m for 25bp; and, £25m for 17.5bp.

SG has fully underwritten a $250m six year export secured facility for Gazprom. Commitments are being collected and a club of arrangers is almost complete.

Bankers invited to join syndication of the £120m five year bullet revolver for Saga will attend a bank meeting and site visit at the company's headquarters in Folkstone today (Friday). In a one-step syndication Bank of Scotland has asked banks to commit £10m for 20bp, £15m for 25bp or £20m for 30bp. The loan carries a margin of 115bp over Libor and offers a commitment fee that is 50% of the applicable margin.

EuroWeek understands that Scottish & Newcastle (S&N) is in discussions with relationship banks about refinancing outstanding debt after the summer. S&N released financial results this week for the year to April 28, 2002. Its operating profit was £442.3m.

Mandated arranger Standard Chartered has signed a $150m facility for Dubai Aluminium Company this week. The facility is made up of two tranches: a $100m 10 year piece and a $50m 10 year portion. The loan will be used to fund an expansion project.

EuroWeek hears that Mizuho has approached the market for the refinancing of a £510m debt facility which backed the buy-out of Dunlop Aerospace by Charterhouse in 1998. Doughty Hanson & Co bought the aerospace business of the then BTR. BTR has since been merged into Invensys.

Rating: Aaa/AAA Amount: A$55m

Electricidade de Portugal, rated A+/A2, has awarded a mandate to three banks for a Eu1bn 10 year offering. The transaction will refinance a six month bridge loan facility, which bankers away from the deal expect to be underwritten by Deutsche Bank. The funding is not thought to be event driven. As one of the few single-A rated utilities, EdP should secure enough interest, not least because the government holds a 30.8% stake. However, there may be questions about the company's exposure to Brazil as well as the telecoms sector. The deal, which has yet to be officially announced, comes in a week where investors have been turning to top quality credits.

Electricidade de Portugal, rated A+/A2, has awarded a mandate to three banks for a Eu1bn 10 year offering. The transaction will refinance a six month bridge loan facility, which bankers away from the deal expect to be underwritten by Deutsche Bank. The funding is not thought to be event driven. As one of the few single-A rated utilities, EdP should secure enough interest, not least because the government holds a 30.8% stake. However, there may be questions about the company's exposure to Brazil as well as the telecoms sector. The deal, which has yet to be officially announced, comes in a week where investors have been turning to top quality credits.