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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  • AFTER A turbulent four months, bankers are noticing subtle signs that the European leveraged loan market is making a comeback. This new found confidence has been particularly noticeable in the finance facility backing the LBO of Via Nova by Morgan Grenfell Private Equity from Hoechst AG. Bankers say that this facility, as well as a new batch of deals that is coming through, are priced and structured sympathetically to the present bear market's needs.
  • Hong Kong Standard Chartered Bank is coordinating a HK$500m revolver for Castle Peak Power Co, electricity supplier to Hong Kong's CLP Power.
  • India Co-ordinating arrangers ABN Amro Bank and Credit Suisse First Boston are finalising the structure of the $600m debt portion of the $2bn project financing for Dabhol Power.
  • Argentina The $125m three year loan-style FRN for Yacimientos Petroliferos Fiscales SA (YPF) was signed on November 3. Arrangers Dresdner Bank Luxembourg, Warburg Dillon Read and Barclays provided $25m apiece. Bank of Tokyo-Mitsubishi Ltd joined as a co-arranger at $20m.
  • ARRANGER Barclays Capital has finally closed the reduced term loan for the National Oil Distribution Company (Nodco) expansion and upgrade transaction through German relationship banks of Lurgi, the project's chief contractor. Barclays underwrote the entire $850m of project debt earlier this year but was forced to pull the deal after a weak reception in the market.
  • LEAD arrangers Bayerische Landesbank, Deutsche Bank and Sumitomo have signed the DM280m five year facility for CEZ. The signing ceremony followed a highly successful syndication that was oversubscribed by DM70m and the facility was increased from DM250m. Arrangers are Citibank, Vereinsbank CZ, Bawag, CSOB, Komercní Banka, ING Barings, Midland, Banca Commerciale Italiana and IMI. BNP/Dresdner joined as a co-arranger.
  • BAYERISCHE Landesbank (Paris), Crédit Lyonnais and Paribas have won the mandate to arrange a Ffr3bn five year revolving credit for Comptoir des Entrepreneurs. The loan carries a margin of 7.5bp for years one to three and 8.5bp for years four and five, and a facility fee of 7.5bp for years one to three and 8.5bp for years four and five, irrespective of whether the loan is drawn or not. However, if more than 33% of the facility is drawn, a utilisation fee of 2.5bp is also available.
  • Czech Republic ABN Amro, Citibank, Ceska Sporitelna and Deutsche have launched general syndication of the Ck5bn facility for Konsolidacni Banka Praha spu.
  • Qatar Responses from potential co-arrangers are due in next week on the $475m Qatar Vinyl Company (QVC) project financing. Market talk suggests the re-priced deal will achieve a strong oversubscription, with bankers impressed by the new margin and fee levels.
  • * The International Primary Market Association has published a standard form pricing supplement, for use in MTN programmes. The document, which IPMA "strongly encourages" its members to use, provides a template to simplify documentation when making trades off MTN programmes, both new and extant. * The signing of Eurohypo's Eu10bn MTN programme has been postponed until early December, although a definite date has yet to be agreed.
  • BARCLAYS, Chase Manhattan and Greenwich NatWest, are close to winning the mandate to arrange a working capital facility for National Power, Euroweek has learnt. Details remain scarce but the size of the transaction is thought to be $1.25bn. The structure will probably include a short term tranche and a longer term tranche.
  • Nomura has unveiled an organisational shake-up intended to give life to its already announced intention to organise its international operations along product as well as regional lines. The new set-up will also tie in the product lines more closely to Japan, in tune with the bank's new focus to use international offices to supply local products to customers in Japan.