GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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  • Bahrain Bank of Tokyo-Mitsubishi, Banque Paribas, Chase Manhattan, Greenwich NatWest and JP Morgan have officially won the mandate to arrange a $200m term loan facility for Arab Banking Corporation. The five banks waited for official confirmation from the borrower for about two weeks.
  • THE Kingdom of Morocco, which is looking to tap the Euromarkets for the first time this year, this week received its first international credit ratings. Moody's Investors Service assigned the country a Ba1 long term foreign currency rating, while Standard & Poor's issued a BB rating.
  • THE Moscow city telephone network, Moskovskaya Gorodskaya Telefonnaya SET (MGTS), this week became the first Russian issuer to tap the public Eurobond markets since the Russian Federation increased its benchmark 10 year dollar bond last October. Credit Suisse First Boston and Salomon Smith Barney were joint leads on the $150m three year transaction.
  • * British Petroleum has signed a $2bn Euro-MTN programme arranged by JP Morgan. Issuers on the facility are BP Capital plc, BP Overzee BV, BP Finance Australia Ltd and BP America Inc. All issuance will be guaranteed by British Petroleum Co plc. Dealers on the facility are Deutsche Morgan Grenfell, Goldman Sachs, Lehman Brothers, Merrill Lynch and SBC Warburg Dillon Read.
  • * Morgan Stanley Dean Witter has been hired by Gianni Versace, the Italian fashion designer group, to advise on its flotation. The company, which recorded sales of Lit1,735bn ($976m) last year, will sell up to 25% of its equity capital. It was intending to list its stock last year but postponed the deal after the death of its founder, Gianni Versace. The company made consolidated pretax profits of Lit167bn in 1996 on consolidated revenue of Lit854bn and turnover of Lit1,665bn.
  • * Dresdner Finance BV Guarantor: Dresdner Bank AG
  • Chase Bank of Texas has arranged a $250m facility for EVI Inc. Pricing for the five year loan is based on the company's debt rating. The Libor margin range is 37.5bp to 100bp and the commitment fee range is 17.5bp to 25bp.
  • China Xinjiang Airlines Ltd has mandated Chase Manhattan Asia to arrange an $180m US Exim backed financing to fund the purchase of two B757 aircraft. The last time the borrower was in the market was in February 1996 with a deal arranged by Bank of China and Kincheng-Tokyo Finance.
  • Australia Macquarie Bank is tapping the market with an A$110m loan for Airtrain Citylink Ltd to finance the Brisbane Air Train Project. The total project cost is A$160m split between A$110m of debt and a A$50m equity portion. Proceeds will finance the development of an 8.8km elevated railway track from the existing northern suburban Brisbane railway line to the international and domestic terminals at Brisbane airport.
  • Market commentary Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759
  • NOMURA has completed the international sale of stock in Union Bank of Estonia (Eesti Uhispank), the second largest bank in Estonia. When the lead manager closed the books yesterday (Thursday), the deal was nearly 10 times oversubscribed by investors keen to invest in the restructuring of the country's banking industry. The 3.72m GDRs represented 11.16m ordinary shares and were priced at $13.10 or Eek63.50 a share to raise Eek710m ($49m).
  • MERRILL Lynch this week defied softer market conditions to complete the $1.28bn capital increase for Tyco International in a deal that was so heavily oversubscribed that the lead manager exercised the greenshoe option immediately. Tyco, the world's largest producer of fire protection materials, initially sold 22m common shares at $50.75 which represents the closing price of the stock in New York on Tuesday. But after the greenshoe was exercised, the deal was increased to 25.3m shares.