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Emerging Market Loans

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  • Turkey’s main telecommunications company, Türk Telekom, is in talks with a group of around five banks for a new club loan. WestLB is coordinating the facility, which will be used to finance the company’s acquisition of Invitel International.
  • Bharti Airtel closed a $7.5bn loan to finance its acquisition of Zain’s African business on Friday after attracting four banks in general syndication. Just $955m was sold down overall — leaving the underwriters with a hefty, but not unexpected, chunk on their books.
  • Tata Steel plans to syndicate a £3.53bn ($5.63bn) multicurrency refinancing of its acquisition of Corus in the next few days, adding to the supply of Indian borrowers hitting the offshore market.
  • Lenovo, the Chinese computer manufacturer, has appointed six banks to run a $500m revolver that it hopes to launch into syndication by the end of the week — providing bankers with a timely gauge of Hong Kong pricing as margins continue to tighten.
  • State-owned International Bank of Azerbaijan has raised $170m of commitments in the syndication of a $100m loan. The successful retail phase allowed the borrower to sign the deal at an increased size of $130m.
  • Telekomunikacja Polska, the Polish telecommunications company, has signed a Z2bn ($705m) five year revolver.