Search results for

India Asian Paints (India) has mandated SBI International Merchant Banking Group to arrange a $6.4m working capital loan. The six year deal is secured by a charge over assets. The borrower is a leading manufacturer of paints and varnishes in India. It has six joint ventures in Fiji, Tonga, Solomon Islands, Vanuatu and Queensland, Australia.

* Bayerische Hypotheken- und Wechsel-Bank Rating: Aa2/A+ (on watchlist for upgrade)

ON WEDNESDAY night, immediately before one of the worst single-day market corrections on record, the French Trésor invited a team of investment bankers to bid to buy its last remaining stake in the privatised steel group Usinor Sacilor. The authorities own around 7.7% of the company, following an all but complete sell down in 1995. All that remains with the Trésor now is a residual holding which will be used to satisfy commitments to Usinor employees.

JP MORGAN last week gave investors their first opportunity to buy commodity price risk in the form of equity. JP Morgan Index Funding Co sold $50m of securities whose redemption value at their three year maturity is tied to the Crude Oil Total Return Index, one of the components of the JP Morgan Commodity Index.

BANK TuranAlem, the recently rated Kazak bank formed from the merger of the Turan and Alem banks, is seeking a maiden foray into the syndicated loan market. The Kazakh bank has mandated Crédit Commercial de France to arrange the two part financing which is worth up to $40m.

12528

THE REPUBLIC of Lebanon's $400m 10 year Euro/144A offering -- its longest stand-alone issue in the international bond markets to date -- this week became a victim of the spread volatility which has dogged emerging market issuance as economic turmoil in south east Asia scales new heights. Launched on to the screens on Thursday morning in London at an indicated spread of 235bp-245bp over the 6.125% August 15, 2007 US Treasury, the B1/BB- rated issue was eventually priced in the afternoon by lead managers Credit Suisse First Boston and SBC Warburg Dillon Read at a spread of 250bp over on a 8.625% coupon on an issue/fixed re-offer price of 99.61.

12614

12515

SBC WARBURG Dillon Read this week launched the sale of convertible bonds in Lukoil, Russia's largest oil company. The transaction is a landmark deal, offering investors $350m in six year high yield, premium exchangeable redeemable bonds with a rich conversion premium of 64% (giving a conversion price of $177.78 per GDR or $44.44 per ordinary share) and a tight semi-annual coupon of 1%. The financing was issued through a special purpose financing vehicle, LUKInter Finance BV, and has been rated by Standard & Poors at BB-. At these terms buyers can convert the bonds, known as HYPERbonds, into shares at any time during their life.

12488