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Eighteen year facility backed by EIFO comes as interest in energy infrastructure mounts
New facility smaller than the original but 20% larger than the launch amount
In Europe loans are the key to opening ancillary business while in the Middle East relationships should cap premiums
Market stress so far confined to consumer credit and SMEs across region
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United Internet, the German internet services provider, closed the €1.35bn loan for its acquisition of Versatel on Wednesday, leaving the path open to a Schuldschein transaction for banks left outside the syndication. -
UK electronics components distributor Premier Farnell has completed a £250m amendment and extension of its loan facility, after refinancing its US private placement in August.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich has closed oversubscribed, with banks eager to accept a large portion of the bridge facilities.
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A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads. The money will be used to refinance the outstanding portion of the debt Tata took to fund its acquisition of Europe’s Corus Group.
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ICBC Financial Leasing, a subsidiary of Industrial and Commercial Bank of China, is raising a $350m loan onshore, with five mandated lead arrangers and bookrunners. The company is having to pay a premium of over 40bp for accessing dollars onshore.
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Indonesian power company Pertamina has zeroed in on 12 lenders for its latest financing. The size of the deal has almost doubled to $1.8bn from the $1bn it was seeking in its request for proposals in September.
