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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  • Denmark Mandated arrangers HSBC and JP Morgan are in the process of structuring the $1bn acquisition financing for AP Möller. Some $800m will be used to acquire Sea-Land Service and the rest is for general corporate purposes.
  • Expect news next week on the £850m limited-recourse syndicated loan facility backing Edison Mission Energy's acquisition of PowerGen plc's Fiddler's Ferry and Ferrybridge coal fired power plants. Edison Mission Energy has put in place a large arranging group to structure and lead the financing which will be split into two tranches.
  • Czech Republic Investicni a Postovni Banka has closed its one year revolver refinancing after failing to raise the launch amount. It went to the market for $70m but has had to settle for $57.5m after thin interest from the Euromarket. The borrower was looking for between $50m and $70m, and so has reached its lower target.
  • Electricidade de Portugal SA (EdP) is sounding out the market for a sizeable credit facility, perhaps for as much as Eu1.5bn, over five years. The partially privatised electric utility is still majority owned by the state, although there are plans for further equity sales to the public. The margin will probably be at a low level for the period while EdF is under government control, raising to the typical Portuguese corporate level once the company is privatised (if the loan is not cancelled at that point).
  • India A roadshow was held this week for the syndication of a $50m project credit for Haldia Petrochemicals Limited by sole arranger ANZ Investment Bank.
  • MANDATED arranger Sumitomo has surprised and pleased the loan market this week with the pricing on its Eu150m five year EIB guarantee facility for Telekomunikacjia Polska Spolka Akcyna (TPSA), the Polish telecoms company. TPSA is carrying a guarantee commission of 70bp on this unfunded credit. Arrangers are being offered 40bp for take-and-hold commitments of Eu20m, while co-arrangers are offered 30bp for Eu10m. The deal was launched on July 22, and banks are asked to reply by August 5.
  • Turkey Export Credit Bank of Turkey (Turk Eximbank) over the next few days should mandate a consortium of banks to arrange the refinancing of its $120m (increased from $100m) one year trade financing that was signed on July 16, 1998.
  • France Arrangers Barclays and Crédit Lyonnais signed the $400m multicurrency reducing revolving credit for Framatome on July 26. The deal was oversubscribed, raising over $500m, but was not increased and lenders' allocations have been scaled back.
  • THE $500m revolver for Atlas Copco was signed on July 27. The deal raised $700m but the borrower did not take the extra funds and banks were scaled back instead. The facility will be used to support the borrower's acquisition of Rental Services Corporation and for general corporate purposes.
  • Australia Arrangers ABN Amro Australia, ANZ Investment Bank, BA Australia, Commonwealth Bank of Australia and National Australia Bank are still looking for sub-underwriters for the A$1.43bn multi-tranche deal for Queensland Power (Australia).
  • CHASE MANHATTAN, Chase Securities, Deutsche Bank and Deutsche Bank Securities have overseen the signing of the immensely successful $17bn senior debt package of revolving credits for DaimlerChrysler. Nearly $23.5bn was raised from 49 banks, an oversubscription of 37%. The loan, however, was not increased.
  • Deutsche Telekom and British Telecom (BT) have approached Euroloan houses with a possible view to raising finance for big- ticket acquisitions.