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  • Citigroup/SSSB has cast Fiat a Eu1.15bn credit line. The bank has agreed to the three year facility to allow the auto company some headroom as it sorts out its capital structure.
  • Arranger Mizuho Corporate Bank has completed the ¥20bn five year term loan for Tobu Railway. Some 27 banks joined the facility, including Bank of Tokyo Mitsubishi, Chuo-Mitsui Trust and Banking Co, Mitsubishi Trust and Banking Co, Sumitomo Trust and Banking, Ashikaga Bank, Dai-Ichi Mutual Life Insurance, Gunma Bank, Norinchukin Bank, Joyo Bank and Chiba Bank.
  • John Deere has upped the debt capacity off its $1 billion Euro-MTN programme to $3 billion. Credit Agricole Indosuez has been dropped as a dealer and Tokyo-Mitsubishi and UBS Warburg have been added to the dealer panel. The programme has $754.39 million-worth outstanding off six trades.
  • Amount: $144m, S$45m Legal maturity: June 26, 2007
  • Amount: Eu460.6m Rating: Fitch and Standard & Poor's
  • Rating: Aaa/AA+/AA+ Amount: $150m (fungible with $1.25bn issue launched 15/05/02)
  • BNP Paribas, Deutsche Bank and UBS Warburg have launched the Eu2.4bn acquisition facility backing Kingfisher's acquisition of France's Castorama into a limited syndication. The deal is split into two tranches. There is a Eu1.6bn three year term loan which carries an initial margin of 75bp over Euribor and an Eu800m one year revolver with an extension offer after year one and again in year two. That piece offers a margin of between 55bp and 85bp over Euibor depending on the company's gearing.
  • Bookrunner HSBC has wrapped up the HK$800m 364 day loan-style FRN facility for Kookmin Bank. The bookrunner held HK$244m. Lead managers are Bank of China (Hong Kong) pledging HK$200m, Bank of Communications (Hong Kong) contributing HK$156m and Anglo Irish Bank Corp and ICBC (Asia) absorbing HK$100m apiece.
  • Kronos International, the titanium dioxide producer, priced its high yield bond issue cleanly in the middle of price talk this week with a coupon of 8.875%. Bookrunner Deutsche Bank was even able to increase the issue to Eu285m from Eu270m, and investors reported that they were happy that Kronos's conservative leverage might protect against any chemicals cyclicality.
  • Rating: B2/BB (Moody's/Fitch) Amount: Eu285m (increased from Eu270m)
  • Arrangers HSBC and Commerzbank have closed syndication of the $100m three year facility for United Bank of Kuwait (UBK). Banks will be signed up next week. The deal has been oversubscribed but an increase will not be accepted by the borrower.