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France Commerzbank, Crédit Lyonnais, HSBC (Paris branch), Natexis Banque and have closed general syndication of the Eu3.616bn two year credit for Rémy Cointreau.

CITIBANK and National Bank of Greece (NBG) have won the mandate to arrange a Eu1bn five year revolving credit for the Hellenic Telecommunications Organization (OTE). The award of the mandate closes an intensive bidding process where many of the Euroloan's top arrangers were pitching for top position.

Nick Gardiner has joined MeesPierson in London as a manager in the energy finance team. Gardiner joins from Greenwich NatWest where he was associate director in syndications. Charlotte Seagrave has joined Chase Manhattan in London where she will take up the position of vice president in the loan distribution team that is headed by Simon Treacy.

TELECOM Italia's (TI) failure last weekend to win shareholder approval for its defence strategy against Olivetti's $65bn bid has forced arrangers Credit Suisse First Boston, JP Morgan and San Paolo-IMI to put the Eu20bn credit facility (backing the defence bid) back into its box while the telecom company considers its options for survival. Whether the loan is brought out again in the same shape and form remains to be seen. However, news yesterday (Thursday) of a possible link up with Deutsche Telekom and other rumours including the creation of shell company to take over TI via a highly leveraged deal has prompted many bankers to think that TI will not need such a large loan facility. And, if a jumbo loan is to be put in place it will be for a different borrower.

ARRANGERS of the $300m Sadaf project financing -- Apicorp (regional bookrunner), IBJ (international bookrunner), National Commercial Bank, Saudi American Bank and Saudi Hollandi -- have received a stronger than expected response from the market during the co-arranging phase which is now almost wrapped up. Two international banks, Dresdner Bank Luxembourg and Creditanstalt, and five regional firms -- Arab National Bank, Al Saudi Al Fransi, Emirates Bank International (Dubai), The Arab Investment Company and The Saudi British Investment Bank -- have joined at this level.

Czech Republic The City of Prague has awarded a joint mandate to ABN Amro and Deutsche, to arrange a funding package consisting of a Eu200m 10 year bond, preceded by a Eu100m bridge loan for between three and six months, probably priced around 30bp over Libor.

THE Eu180m one year term loan for Türkiye Garanti Bankasi was signed in London on Friday, April 9. The facility was increased from Eu140m after a heavy oversubscription. The deal has a margin of 55bp over Euribor, with co-arrangers taking 70bp flat for commitments of Eu9m. The top fee in general syndication is 65bp flat for managers taking Eu7.5m

India The signing ceremony takes place today (Friday) for the $100m five year bullet facility for Industrial Development Bank of India.

ARRANGERS Chase Manhattan, Credit Suisse First Boston, Deutsche Bank and SG have launched the $2bn 364 day revolving credit for Glencore International to arrangers and co-arrangers. Once these levels have been completed, general syndication will be launched. Senior lead managers will be offered 10bp for $75m, lead managers 8bp for $50m and managers 6bp for $25m.

CSFB AND Cazenove have been appointed by UK electrical retailer Dixons to explore the possibility of seeking a stockmarket flotation for Freeserve, its internet service provider. The two banks will consider the option of a listing in addition to "strategic alternatives available to Freeserve to realise its full potential". The spin-off of Freeserve has been expected in the market for some time and the two investment banks will look at the best way to maximise shareholders' valuation of the group.

LEAD managers Merrill Lynch and Petercam have launched the sale of stock in Telinfo, the Belgian telecom services provider. The deal will raise $150m in new capital for the group. Bankers believe that the deal could herald a slew of cash calls from public Belgian companies and encourage private firms to take advantage of favourable conditions for a stockmarket listing.

UK MORTGAGE lender Southern Pacific Mortgage Ltd this week launched its first securitisation of non-conforming and sub-prime home loans since its US parent filed for self-liquidation last October. Sole manager Barclays Capital structured the £66m deal under the anonymous name of Non-Conforming Mortgages 1 plc, since Southern Pacific's liquidators plan to sell SPML, and the company's name may disappear from the UK scene.