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SCOTTISH POWER has launched the refinancing of its £2.6bn revolving credit to the general market. The facility was first arranged in 1996 by Royal Bank of Scotland, Union Bank of Switzerland and ING Barings, to support Scottish Power's bid for Southern Water and for general corporate purposes. To date the deal is undrawn. This time, the deal is sole arranged by Royal Bank of Scotland and has been reduced to £2bn.

Fritz Kropatscheck is to leave his post as global head of syndicated loans at Deutsche Bank in Frankfurt and move to Deutsche's offices in New York where he will head up North American corporate relationship banking for Deutsche. Kropatscheck, one of the Euroloan market's most respected and admired members, will leave on March 31. He is likely to be one of the most senior German bankers in Deutsche's New York offices.

SG has wrapped up general syndication of the Ffr3bn acquisition facility for Beaufour-Ipsen. A geographically diverse group of banks showed exceptional appetite and an oversubscription was raised with banks' allocations severely scaled back. Co-arrangers are ABN Amro (Ffr240m), Banque Nationale de Paris (Ffr240m), Dresdner Bank Luxembourg (Ffr175m), Natexis Banque-BFCE (Ffr240m), Rabobank (Ffr240m) and Royal Bank of Scotland (Ffr175m). They were originally invited to commit Ffr400m.

The region of Sicily looks set to find a solution to the shortfall in its budget after receiving bids from at least six banks proposing ways to help the region raise Lit1.7tr by April. In November and December last year, Sicily tried but failed to borrow from Italian and international banks.

Lehman Brothers has won the mandate to act as global co-ordinator for the flotation of stock in Software, the German enterprise systems software producer. The deal is one of the most prestigious high growth issues to emerge from this market this year. The US bank will run the books, with BHV leading the sale of stock to local investors and joint lead for the international tranche.

Lehman Brothers has won the mandate to act as global co-ordinator for the flotation of stock in Software, the German enterprise systems software producer. The deal is one of the most prestigious high growth issues to emerge from this market this year. The US bank will run the books, with BHV leading the sale of stock to local investors and joint lead for the international tranche.

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ARRANGERS Citibank NA, Commerzbank AG and Banco Central-Hispanoamericano SA have successfully completed syndication of the Eu825m two-tranche facility for Telefónica de España SA. The loan was heavily oversubscribed and has been increased to Eu1.2bn.

Joint bookrunners Deutsche Bank and Paribas will today (Friday) finish roadshowing the debut euro transaction for the Republic of Turkey. Given the B1/B rated sovereign's sizeable $3bn international bond fund requirement in 1999, next week's issue will provide an important indicator of whether Turkey has successfully secured wider investor sponsorship in Europe beyond its traditional retail audience in Germany. "We are an established name in the German market and we want to carry the positive features of that into the euro market," said Aydin Karaöz, director general of foreign economic relations at Turkey's undersecretariat of the treasury. Karaöz is leading the team of senior Turkish finance officials hosting the investor presentations in support of the transaction.