Search results for

* Ville de Montréal Rating: A2

12677

LUKOIL, Russia's premier oil company, is poised to return to the Euro-convertible bond market for a new financing, Euroweek has learned. Market sources say syndicate invitations have been received from SBC Warburg Dillon Read for the issue, whose details will be publicly announced next week.

FINNISH paper company Metsä-Serla priced a $300m convertible subordinated capital note issue after an oversubscription on the public tranche of 8.5 times. "We were delighted with the response," said a banker at global coordinator and book runner Salomon Brothers. "To achieve $1.6bn of demand for a Finnish convertible is probably unprecedented." The issue was designed to improve the company's capital structure by reducing financial leverage and improving its equity ratio. The Finnish Company Act was revised in September, allowing the bond proceeds to be treated as equity.

12680

12740

MERRILL Lynch International Ltd is in the early stages of launching an innovative financing for Rome-based football team Societa Sportiva Lazio. The Lit50bn financing, which is being discreetly offered to the syndicated loan market, was presented to potential lenders at a bankers meeting yesterday (Thursday).

Bahrain Arab Banking Corp, which made its Euroloan market debut in 1995, is set to return to the syndicated loan market for a major new facility.

12783

* Russia' s Avtobank is due to start roadshowing an inaugural Eurobond offering in Asia, Europe and US next week via Crédit Agricole Indosuez. The expected $100m fixed rate issue will be the first off Avtobank's $50Om Euro-MTN programme arranged by Crédit Agricole. Launch is likely to take place shortly after the final round of investor presentations in New York on October 23. The bank is rated Ba3 by Moody's Investors Service.

SWEDEN'S Incentive will shortly complete the next leg in the restructuring of its core shareholdings with the $225m spin off of its subsidiary Munters. The Munters offering follows a 5m sale of shares in Incentive by its major shareholder, Investor, which was completed last Friday. Investor raised Skr3.45bn ($460m) from its sale, which was one of the largest sales on an accelerated bookbuilding process from the Nordic region to date.

NEWSQUEST Media Group Ltd, the regional newspaper publishing company, formed last year through KKR's purchases of Reed Regional Newspapers and Westminster Press, is in the initial stages of tapping the market for a major new working capital facility. The £250m financing, which is being arranged by the company's traditional lead Credit Suisse First Boston, is being put in place in connection with the group's planned flotation. In addition to providing the company with working capital for its ongoing needs, the new facility will also be used to refinance the outstanding element of the £205m and $100m loan signed last December.