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LEHMAN BROTHERS has finally launched the senior secured debt portion of the financing backing Morgan Grenfell Private Equity's £390m purchase of Coral, the bookmakers chain. The senior debt totals £190m and is split between a £125m six and three-quarter year amortising term loan that carries a margin of 225bp over Libor, a £50m seven and three quarter year bullet 'B' loan that carries a margin of 275bp and a £15m six and three quarter year revolving credit that carries a margin of 225bp.

Egypt Overall global coordinator Chase Manhattan along with Commercial International Bank and National Bank of Egypt are forming an arranging group for the project financing for the Egyptian Company for Mobile Services (ECMS).

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NATIONAL GRID is unlikely to officially mandate banks to arrange a credit facility backing its acquisition of New England Electric System until mid-February and not by the end of January as was previously reported. Reasons for the supposed delay could be due to the success of National Grid's sale of one third of its shareholding in Energis, the telecommunications group.

* Vivendi, previously Compagnie Générale des Eaux, has mandated ABN Amro to arrange a Eu2bn global MTN programme. Vivendi, rated BBB+ by S&P, is a large French industrial group active in environmental services, communications and construction.

* New South Wales Treasury Corp Guarantor: New South Wales

* Nordic Investment Bank Rating: Aaa/AAA

Klaus Mai is leaving his post in HypoVereinsbank's loan syndications team in Munich to join the bank's Austrian subsidiary SKW Bank. He will work in commercial banking.

RELIEF that Brazil's sneeze would not for now result in the US and global economy catching flu enabled credit markets to pull back from the widening of last week on the back of improving stockmarkets. But as swap spreads tightened more rapidly than credit spreads, arbitrage was the victim and new issuance activity was relatively subdued. The pause should allow banks to clear some of their inventory, particularly at the long end and, if Latin America remains calm, the stage is set for issuance to pick up next week. The new issue pipeline is growing, adding to several deals that were delayed this week, such as DePfa's Eu3bn-plus 10 year global.

Norway General syndication of the Eu110m five year revolving credit for Det Norske Veritas will be launched at the end of January by arrangers Citibank and Deutsche Bank.