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  • Sanpaolo IMI has added five dealers to its Euro-MTN programme. The additions take its dealer panel up to 14. ABN Amro, Barclays Capital, Credit Suisse First Boston, Dresdner Bank and HSBC are the new arrivals. The borrower has also lifted the limit off the facility from euro12.5 billion ($11.58 billion) to euro17.5 billion.
  • The $250m facility for Arab Petroleum Investment Corp (Apicorp) is due to be closed today. The deal has received an oversubscription and the borrower is due to accept the increase, the amount of which will be announced before signing next week.
  • Guarantor: Shell Petroleum Co Ltd, Shell Petroleum NV Rating: AAA (S&P)
  • The S$67.5m facility for TT International has been closed successfully by arranger OCBC. The facility is divided between a S$40m four year term loan and a S$27.5m five year revolving credit.
  • Rating: A2/A-/A+ Amount: Eu500m lower tier two capital
  • Citigroup/SSB, Commerzbank and Dresdner Kleinwort Wasserstein have been formally awarded the mandate to arrange a $130m three year reducing revolver for steel company Iscor. The revolver carries a margin of 95bp over Libor.
  • Vodafone's announcement next Tuesday of its full year financial results to March 2002 will either comfort or alarm banks invited to join the Eu1.481bn guarantee facility for Airtel Movil that is fully recourse to the UK mobile operator. At this stage analysts expect Vodafone's results to be positive and the telco to retain its A- rating, which bodes well for projects that Vodafone is sponsoring.
  • Syndication of the £400m 20 year debt financing for the Spalding independent power project is set to be launched by the end of the month through mandated arrangers Barclays Capital and Citigroup/SSSB. A bank meeting is scheduled for the week of June 10. The syndication strategy is likely to be a one-stage process.
  • Amount: Sfr150m Maturity: June 12, 2009
  • The Eu400m five year multi-currency revolver for paper company Holmens Bruk was closed this week by arrangers SEB and HSBC. The deal was oversubscribed to Eu675m and will be increased to Eu500m. It was due to be signed yesterday (Thursday).
  • Transco has dropped Barclays Capital and HSBC as dealers off its euro6 billion ($5.56 billion) Euro-MTN programme.
  • Arranger Citigroup/SSB has introduced a yen tranche to the $200m two year fundraising for Formosa Plastics Corp USA. The new tranche will allow more banks to join the deal as the previous structure only allowed for those banks that could book dollar funds from their US branches. Banks have been given an extension on the deadline to process this new information although the arranger is still aiming for an early June close. Proceeds are for general working capital.