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The co-arranging and sub-underwriting phase of the $600m project financing for CMS Energy's Tawellah A2 independent water and power project will be closed and signed next week by arranger Barclays Capital. Around 10 banks will come into the deal including Abu Dhabi Commercial Bank, Abu Dhabi Investment Corporation, ANZ Investment Bank, Gulf International Bank, National Bank of Abu Dhabi, NordLB, Paribas, SG and WestLB.

Joint lead arrangers De Nationale Investeringsbank (DNIB), Bankgesellschaft Berlin and Dexia Project & Public Finance have closed the financing backing the construction of a new district general hospital at the county site in Hereford, UK, for Mercia Healthcare Limited. The 25 year financing totals £79.6m of bank debt facilities including a £66.4m senior term loan, a £7.4m equity bridge loan and a £6m standby facility.

Sweden The successful revolver for Swedish Match was signed in Gothenburg on April 20. Although the deal was oversubscribed, the borrower chose to scale banks back instead of accepting the extra funds.

VODAFONE has signed in the 11 arrangers of its $10.5bn credit backing the UK mobile phone company's acquisition of AirTouch of the US, and is awaiting approval from its own shareholders as well as AirTouch's for the takeover. Once both sets have approved the deal, the 11 arrangers -- Bank of America, Barclays, Citibank and Goldman Sachs as bookrunning arrangers, and Banque Nationale de Paris, Deutsche, HSBC, ING, Greenwich NatWest (facility agent), National Australia Bank and WestLB -- will launch the debt to sub-underwriters.

Belgium Sabena, Belgium's national flag carrier, has asked banks to bid for a $300m mandate that will finance its proposed purchase of 11 Airbuses. Likely bidders include KBC, BBL, ABN Amro, ING Bank, Banque Nationale de Paris, Crédit Lyonnais and Dresdner Bank Luxembourg.

OLIVETTI has signed in the underwriters of its Eu22.5bn credit that is backing its Eu60.4bn bid for control of Telecom Italia (TI). Arrangers Chase, DLJ, Lehman Brothers and Mediobanca oversaw the signing that took place late last week. The banks are Abbey National, Banca Commerciale Italiana, Banca di Roma, Banca Monte dei Paschi di Siena, Bank of America, Bank of Nova Scotia, Banque Nationale de Paris, Barclays, Bayerische Landesbank, Caja de Madrid, Cariplo, Commerzbank, DG Bank, HypoVereinsbank, Industrial Bank of Japan, KBC, Royal Bank of Scotland and Toronto Dominion. One more bank joined, but has requested that its name be withheld. They receive a drop dead fee of 50bp.

David Rimmer has joined ABC International Bank as assistant general manager and head of syndications a little over a month after he retired from being head of syndications at Bank Austria-Creditanstalt. Rimmer was at Bank Austria Creditanstalt for two years. Before that he was a team leader in syndications at NatWest for 10 years.

Egypt The general syndication for the $220m international tranche of the senior secured facility for the Egyptian Company for Mobile Services (ECMS) was launched this week by international arrangers Chase Manhattan, Dresdner Kleinwort Benson, Paribas and WestLB.

India Lead arranger and coordinator ANZ Investment Bank has launched general syndication of the $165m 10 year limited recourse shipping facility for the Enron Mitsui OSK Lines LNG carrier. The launch follows a series of well attended roadshows held in London, Paris, Singapore and Mumbai.

Slovenia Nova Ljubljanska Bank has awarded a mandate to Banca Commerciale Italiana, Erste Bank der Österreichischen Sparkassen and WestLB, to arrange a Eu35m three year transaction.

THE POLISH loans market is gathering strength of the back of deals for foreign owned banks, which are gradually making more lenders comfortable with eastern European names after the Russian crisis last year. The latest Polish bank with a large foreign owned stake to look at the loan market is Slanski Bank, and its foreign shareholder is ING Bank.

MANDATED ARRANGER Deutsche Bank has launched the long awaited deal for Swedish media company Modern Times Group. The deal has emerged as a Skr800m (nearly Eu90m) five year revolver, split into two tranches. Tranche 'A' is a Skr200m bullet revolver, and tranche 'B' is a Skr600m amortising revolver.