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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  • GAZPROM is to return to the international syndicated loan market through a $200m credit arranged by Bayerische Landesbank, Chase Manhattan, General Banking Trust (Altalanos Ertekforgalmi Bank), ING Barings, MKB and OTP. The loan will carry a margin of 400bp over Libor -- much more than it paid nine months ago on its $3bn jumbo pre-export finance facility arranged by Dresdner and Crédit Lyonnais. That facility carried a margin of 175bp over Libor.
  • Iceland Den Danske and Landesbank Kiel have launched general syndication of the $75m facility for Islandsbanki. The five year multicurrency revolver carries a margin of 16.5bp over Libor and a commitment fee of 8.25bp.
  • Barclays and Toronto Dominion have won the mandate to arrange a £600m facility backing the agreed £611m bid for Inspec by Laporte. The loan will be structured as a corporate financing rather than an LBO. The acquisition will mean the formation of one of Europe's largest speciality and fine chemical companies.
  • Belgium Dresdner Kleinwort Benson and JP Morgan have been mandated to arrange the project financing for the KPN-Orange Belgium NV mobile telecoms project.
  • Chile Arrangers Chase Securities Inc, Argentaria Banco de Negocios SA and Dresdner Bank Luxembourg SA have completed syndication of the $500m five year term loan for Endesa Chile Overseas Co with an oversubscription. Endesa has opted to increase the facility to $550m.
  • Egypt The Barclays Capital arranged $200m bridge financing for Misrfone is to be taken out by a domestic bank group led by Banque du Caire and Banque Misr.
  • ARRANGERS of the $6bn credit facilities for Pearson -- Goldman Sachs, HSBC, Barclays and Deutsche -- will shortly wrap up general syndication. The four were expecting to raise $600m from retail. However, one bank reports that as much as $800m has been committed by the banks and that the provisional sell down targets have been reached.
  • Australia The A$265m loan for MTM Office Trust was signed on July 27 in Sydney.
  • * After 10 years on Merrill Lynch's syndicate desk, Simon Potter has joined the firm's secondary market desk to trade Eurobonds denominated in European currencies. Potter is replaced by Ernie Bates, who has joined Merrill's London syndicate desk from the firm's trading operations in New York and more recently Hong Kong. He has been with Merrill Lynch for five years.
  • US TELECOM carrier Bell Atlantic this week defied worldwide stockmarket falls to complete the $3.18bn sale of bonds exchangeable into Cable & Wireless Communications -- the largest of its type yet issued. Despite signs of indigestion, bankers said the fact that such a security could be absorbed at all showed how far the convertible bond market had come this year.
  • Tim Elliott has moved from his post as head of loans and private financing at JP Morgan in London to the bank's advisory group. Fergus Elder and Berthe Latreille will assume joint responsibilities for JP Morgan's loans business. Sumitomo Bank has hired Leong Ann Keet in Hong Kong as senior manager, international finance department, Asia.
  • WORLDCOM, the US telecoms operator, launched the largest corporate bond financing package in history this week when it raised $6.1bn towards its $37bn acquisition of MCI. Some bankers had feared that an unpredictable market would find it hard to absorb such a volume of triple-B rated paper, but their concerns proved unfounded for what one banker described as a "mighty transaction".