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BMW SIGNED its successful facility last Tuesday, after agreeing to an increase from $2.5bn to $3bn as a way of accommodating part of the massive interest shown in retail and at the co-arranger level. However, even with the increase, lenders' allocations still had to be slashed back. The arrangers were Barclays, Chase Manhattan, Deutsche and Dresdner. ABN Amro, Bank of America, Bayerische Landesbank, Citibank, Commerzbank, First Chicago, HypoVereinsbank, Royal Bank of Canada, SG, HSBC and WestLB joined the deal as co-arrangers.

RUMOURS in the Spanish market suggest that Repsol could be coming to the market again within the next weeks, to refinance the debt it raised for its acquisition of YPF with another bank loan. The borrower's recent deal started life at $16bn but was reduced during the syndication process, and was signed at $9bn. Participants know that the size of the debt will be reduced further as the borrower issues again in the capital markets.

Qatar Bids are due in today (Friday) for the $750m project financing for the Qatar Chemicals (Q-Chem) project sponsored by Qatar General Petroleum Corporation and its joint venture partner Phillips Petroleum.

First National Bank of Chicago has quietly arranged and signed a £60m five year club deal for Cattles plc, one of the UK's leading consumer finance companies. The loan carried a margin of 62.5bp over Libor and a commitment fee of 27.5bp.

SUMITOMO Bank has won the mandate to arrange a Eu50m five year term loan for Bank of Valetta, Malta's largest bank that was last in the market in July 1998. Syndication has been launched with co-arrangers offered a flat fee of 25bp for a commitment of Eu7.5m, managers a flat fee of 20bp for a commitment of Eu5m and participants a flat fee of 15bp for a commitment of Eu2.5m.

Belgium Crédit Agricole Indosuez and ING Barings are close to winning the mandate to arrange a Eu300m credit for Sidcenter, a development by Sidmar.

Denmark The planned Dkr2.4bn project financing for the mobile phone operator, Mobilix, has been cancelled. The move follows France Télécom's decision to fund the network build out on balance sheet.

OLIVETTI is set to sign its Eu6.5bn facility next week after general syndication closed successfully, bringing the number of banks in the deal to 82. The loan, lead arranged by Chase Manhattan, DLJ, Lehman Brothers and Mediobanca, was originally launched to arrangers at Eu22.5bn.

THE SUB-UNDERWRITING level of the $10.5bn acquisition facility for Vodafone should close next week after immense appetite was shown at the two levels on offer. Banks were required to take either $350m for an underwriting fee of 25bp and 20bp on the final take or $250m for an underwriting fee of 20bp and 20bp on the final take.

STAGECOACH has mandated Credit Suisse First Boston, JP Morgan, Royal Bank of Scotland and Bank of Scotland to arrange a $2.25bn credit that will, in part, back Stagecoach's agreed $1.237bn acquisition of Coach USA. Proceeds will also refinance existing facilities of Stagecoach and Coach USA.

SALOMON Smith Barney has launched the co-underwriting phase of the Ffr5.4bn senior leveraged debt backing the creation of Capital BSN Emballage SA from the merger of Gerresheimer's and Danone's glass packaging business. Banks have been asked to make commitments of Ffr750m.

Source: Capital Data Bondware