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  • Province of Alberta Rating: Aa2/AA+
  • CHASE Manhattan, Lehman Brothers and Merrill Lynch have signed the £1.275bn senior secured facilities for TXU Eastern Holdings Limited. The financing is the remaining debt of the £3.625bn acquisition facility backing the $10.9bn of debt facilities raised in 1998 by Texas Utilities to fund the purchase of Eastern Group.
  • CHASE Manhattan and WestLB have secured the mandate to arrange a £425m senior debt facility for Azurix, a subsidiary of Enron, that has been set up to acquire water assets in Europe and further afield. The three year facility will finance the development of the new subsidiary and its operations and also refinance what is left from the $2.32bn senior debt package used by Enron Water Europe plc to acquire Wessex Water plc that was signed on December 15.
  • SALOMON Smith Barney has executed the sale of stock in Christiania Bank. The Norwegian government sold 16% of the bank in a deal that was three times oversubscribed and showed the popularity of the banking sector. The growing pace of consolidation in the financial services industry has put a premium on the value of most stocks in this sector and has sharpened investors' appetite in anticipation of further restructuring.
  • MARKET appetite for the $475m Qatar Vinyl Company (QVC) project financing has proved strong with the general sell-down phase closed oversubscribed by around 40% according to coordinating arrangers Apicorp, Credit Suisse First Boston and Paribas. The deal has had a tough time since it was mandated in the third quarter last year.
  • SYNDICATION of Railtrack Plc's £1bn credit has closed with a healthy oversubscription of about 15%. This excess of commitments will silence those bankers that have over the past three weeks predicted that the deal would fall flat and fail in syndication.
  • Denmark The much delayed syndication for the Dkr2.4bn telecoms project financing for Mobilix should be launched within the next two weeks by arrangers ABN Amro and Crédit Lyonnais.
  • ROYAL Bank of Scotland has completed syndication of the new money element of the financing backing Scottish Power's £4.2bn all-share acquisition of PacifiCorp of the US. The £600m takes the form of a two year revolving credit that carries the same maturity and margin as an earlier £2bn piece but a commitment fee of 17.5bp. In the £600m deal, banks are offered a top ticket of £45m for a fee of 12.5bp flat.
  • THE KINGDOM of Spain will return to the sterling market after a 14 year absence next week when Barclays Capital launches a £250m-£300m 30 year
  • BERNARD Arnault, chairman of French luxury goods group LVMH, this week fuelled speculation that the company is to issue an exchangeable bond backed by its stake in Diageo, the UK drinks group. Two weeks ago Euroweek revealed that the French company was considering its divestment and capital raising options and that a $2bn exchangeable bond was under consideration.
  • Abbey National Treasury Services Guarantor: Abbey National