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Euroweek has uncovered further details of the loans for British Telecommunications (BT) and Vodafone Airtouch. Both are tapping the European loan market for self-arranged club deals, to make the most of their strong sway over relationship banks and the narrow pricing this can bring them. BT has assembled a group of seven banks to provide it with a Eu16bn CP backstop facility. The deal is not intended to be drawn down, but will give BT easy access to the deep liquidity of the US and European CP markets.

Arrangers Barclays Capital (administrative and facility agent), CIBC (technical bank), Citibank (trustee and collateral agent), Deutsche Bank (bookrunner), Dresdner Kleinwort Benson (documentation) and SG (insurance agent) are in the market with a $200m project financing for Kahama Mining Company Ltd for the development of its Bulyanhulu gold mine in Tanzania. Banks have been invited to join the nine year deal at two levels - co-arrangers taking $15m apiece for fees of 90bp and senior lead managers $10m each for fees of 75bp.