Search results for

The co-underwriting phase of the BT Alex Brown led £352m LBO of Tussaud's, the entertainment group that is being sold by Pearson, has been completed. Nine banks were invited -- WestLB, CIC, Bank of New York, JP Morgan, BHF, Royal Bank of Scotland, Bank of Scotland, Lloyds and Greenwich NatWest -- and all joined.

Arrangers Barclays Capital and Chase launched the refinancing of the Iridium LLC global satellite telecoms project on Monday with a bankers meeting in New York. The refinancing involves a $650m senior secured limited recourse facility and a $750m Motorola guaranteed facility.

Angola Warburg Dillon Read is sounding out banks for participation in the renewal of Sonangol's $400m pre-export finance facility. Warburg Dillon Read inherited the deal from Union Bank of Switzerland -- the deal was considered one of UBS's African trade finance jewels.

China China Northwest Airlines has mandated Bayerische Hypo-und Vereinsbank, Crédit Lyonnais and KfW to arrange a $38m aircraft financing.

Australia National Australia Bank is arranging a A$650m refinancing for Epic Energy (DBNGP Finance) Pty.

GENERAL syndication of the $300m revolving credit for Norske Skogindustrier continues to impress, with news of a massive oversubscription. Euroweek reported last issue the borrower was considering increasing the loan to around $400m and arrangers Banque Nationale de Paris, Deutsche Bank and Den norske Bank confirm that the borrower is looking at a final figure as high as $450m. Norske Skogindustrier's traditional relationship banks have played an important role in the oversubscription. However, the borrower has been able to attract some new names to its syndicate.

Israel Sumitomo Bank has signed the $42.5m dual currency revolving credit for Israel Chemicals Ltd. Co-arrangers are Israel Discount Bank of New York, Bayerische Landesbank and United Mizrahi Bank. They were offered 30bp for commitments of $7.5m each.

Czech Republic ABN Amro, Citibank, Ceska Sporitelna and Deutsche have launched general syndication of the Ck5bn facility for Konsolidacní banca Praha spu. The arrangers hope that it will be well received in the local bank market.

Belgium Banque Nationale de Paris (facility agent) and Citibank (bookrunner and documentation agent) have launched the $750m revolving credit for Tractebel into general syndication. Commitments are due at the end of next week.

DEUTSCHE BANK'S $9.7bn takeover of BT Alex Brown looks set to be given the go-ahead this weekend, with staff completely in the dark as to the shape of the new bank. The deal, which will be the largest takeover of a US bank by a foreign competitor, is expected to be finalised in board meetings on November 29. Job losses are expected in both companies, particularly among Deutsche's US staff. Also at some risk are the 6,200 UK staff of Deutsche, and the 3,500 people employed by Bankers Trust in the UK.

* Royal Bank of Canada Rating: Aa2/AA-

WHAT DID you think when you read about Deutsche Bank's marriage proposal to Bankers Trust? Was this to be a shotgun wedding? Was BT in the pudding club? Had sitting in a hot bath and drinking a gallon of Gordon's Gin or Beefeaters failed to produce a result? The proposed alliance, already christened 'Trust Deutsche', looks as disastrous to us as Bonkersbank-Citigroup. Did Rolf Breuer and Joe 'Knackersyard' Ackermann check to see whether anyone else had proposed to BT, let alone left their slippers under the bed?