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Premcor restructured its deal to address a tough pro rata market, and in turn upsized the original amount. The loan breaks down into two term loans, divided between $150 million and $500 million tranches. Jeff Beyersdorfer, v.p. finance and treasurer, explained the deal is structured differently than the existing credit to address a weak pro rata market and to ensure the credit would be fully subscribed. "We wanted to attract different investors," he said. "We were looking at the institutional market and targeted them for the $150 million [portion of the credit] because of the decline in the size of the pro rata market."

Remington Products signed a $110 million deal with Fleet Capital, replacing J.P. Morgan as the lead on its $95 million line of credit due to expire next June. Fleet won the lead after J.P. Morgan bid for the new deal. Al Castaldi, cfo, explained that the company had outgrown its $70 million deal and the $25 million add-on it secured last fall. He said refinancing was cheaper than going after another add-on. "We're a very seasonal business doing much of our business around Christmas and we had to put in something for the fourth quarter," he said. "Instead of another costly Band-Aid, we redid the whole thing." The Bridgeport, Conn.-based company sells various men's grooming products, namely shavers.

Market watchers are saying ring-fenced structuring could be what's driving up the price of Mission Energy's bank debt, which last week hit 98, trading up from the 96 level for new issue discount offered during syndication The $385 million loan closed more than a month ago and is priced at LIBOR plus 71/ 2%. Goldman Sachs and Lehman Brothers lead the deal. Ring-fenced financing ties bank risk to generating assets rather than the utility company itself, which can help a credit stay afloat even if the parent operations struggle.

State Farm Insurance has begun discussions with J. P.Morgan on the renewal of a 364-day, $2.16 billion credit line due in December, and if the facility is not renewed the company would seek an alternative form of protection. Dick Luedke, public affairs specialist for State Farm, declined to specify whether that would comprise reinsurance, catastrophe bonds or other alternatives. The existing revolver has a facility fee of four basis points and any borrowings would carry a rate of LIBOR plus 13.5 basis points. Currently no balance is outstanding on the facility, Luedke said.

Chattanooga, Tenn.-based U.S. Xpress Enterprises has selected SunTrust Bank to lead a $225 million refinancing credit with Thursday pegged as the launch date. Pete Vaky, managing director, head of loan syndications, confirmed the date, but declined further comment on the credit. A banker familiar with the deal said that a $150 million term loan "B" would be included. Pricing is likely to be LIBOR plus 23/ 4% on the $75 million revolver and LIBOR plus 33/ 4% on the "B." Calls to Ray Harlin, e.v.p., finance and cfo of U.S. Xpress, were not returned.

Australia has stolen the M&A limelight this year. Two landmark dual listings were successfully completed, while a third fell apart spectacularly when the government refused to give it the go ahead. Could this structure be the answer to Australia's fears of becoming a corporate backwater? Fiona Haddock reports.

Japan's excess of non-performing loans and cross-holdings is stirring up imagination in the financial world. As faith in the new prime minister's reforming zeal grows, creative solutions for the country's woes abound – and the derivatives sector is as inspired as the rest. Some are convinced that here lies another business opportunity – in the long- and the short-term. Fiona Haddock reports.

General Pervez Musharraf, Pakistan's military ruler, chose his independence day speech on August 14 to announce new infrastructure development projects worth more than US$1 billion. The initiative, which includes dam and road projects, and an ambitious plan to develop a port in south western Pakistan in conjunction with soft loans from China, represents the boldest spur to the economy since Musharraf led a coup to replace the elected government in October 1999.

Sinopec's record breaking IPO last month revealed unprecedented liquidity in China's domestic share market. Does demand for the issue represent a change in investor mentality on the mainland? And will development of the local market lure overseas-listed companies back home for funds? Joy Lee reports.

A pause in corporate restructuring combined with significant government lending is keeping Korea on an even keel – for now. Fiona Haddock reports.

Reliance Industries, one of India's most popular success stories, has announced an ambitious diversification programme. Can the company scale new heights, or will its ability to court controversy hamper its grand expansion plans? Saibal Dasgupta reports.