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ARRANGERS Banque Paribas, Citibank and HSBC have signed the highly successful £1.6bn term loan for Mercury One-2-One. The loan was fully subscribed in general syndication and the borrower has achieved its ambition of getting yet cheaper debt. The loan is for eight years and carries a margin at between 100bp and 30bp, according to a senior debt to operating cashflow ratio.

Finland Deutsche Bank, Enskilda Debt Capital Markets and Merita are to close general syndication of the DM450m multicurrency revolving credit for Rauma Corporation, Rauma USA and Rauma Asia-Pacific over the next couple of days. The arrangers are waiting for a couple of banks that have not yet committed, but intend to do so.

Australia The $175m five year transferable loan certificate for Colonial State Bank arranged by BT Australia (HK) Financial Services closed oversubscribed and was increased from $100m. Lead managers include WestLB Asia Pacific taking $25m, Bayerische Landesbank (Hong Kong), Erste Bank and Westpac Banking Corp (Hong Kong) each holding $20m, Banca Monte dei Paschi di Siena (Singapore) absorbing $15m, Banca Commerciale Italiana (Singapore), Bank Austria (Singapore), Banque Bruxelles Lambert (Singapore), BT Australia (HK), BW Bank Ireland plc and Commerzbank AG (Singapore) contributing $10m apiece.

Croatia Arrangers Banque Nationale de Paris, Creditanstalt AS and Dresdner Bank AG will shortly be approaching co-arrangers for the DM70m facility for Hrvatska Banka za Obnovu i Razvitak (HBOR). The three year term loan is priced at 82.5bp over Libor and is guaranteed by the Croatian ministry of finance.

ARRANGER Bayerische Vereinsbank has begun syndication of a £100m facility for London Electricity that was to have come for £275m. Despite the cut, launch of the five year deal puts an end to market speculation that the loan had been pulled or cancelled earlier this week. The dramatic reduction in facility size has bemused many market players. The original deal was to have been split between a £200m facility for Entergy -- London's parent -- to refinance part of its existing debt facilities and a £75m tranche that London Electricity was to use as a headroom facility.

GOLDMAN Sachs, HSBC, Barclays and Deutsche have closed the sub-underwriting phase for co-lead arrangers and co-arrangers of the $6bn senior debt facility backing Pearson Plc's bid with Hicks, Muse, Tate & Frusta for Simon Schusta, the US media firm being sold by Viacom. Appetite for the two levels was immense with over $10.75bn committed.

Austria Banks are signalling strong appetite for the Asch7.5bn Connect Austria mobile telecoms project financing arranged by Creditanstalt, HSBC and UBS. A bank presentation was held in London last week and the arrangers are confident that the deal is heading for oversubscription, despite the amount of telecoms project debt in the loan market over the past year.

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DRESDNER Kleinwort Benson signalled its intention to improve it position in the international capital markets this week when it appointed TJ Lim as co-head of global markets. Based in London, Lim will share overall responsibility for global markets with Erich Pohl and Heinrich Linz, who will continue to be based in Frankfurt. He will focus on the development of Dresdner's international business. Lim will report to Leonard Fischer, member of the board of managing directors of Dresdner Bank, as well as to Gerd Haeusler, also member of the board of managing directors of Dresdner Bank AG and chairman of the investment banking board of Dresdner Kleinwort Benson.

BARCLAYS has gone out to a select group of sub-underwriters for the debt facilities backing the Cinven and CVC acquisition of KNP BR Packaging. The arranger will look to bring the banks in early July. Euroweek has learnt that the senior debt facilities total Dfl 1.7bn, consisting of a Dfl 900m seven year term loan (tranche 'A') at 187.5bp over Libor, a Dfl 300m eight year term loan (tranche 'B') at 237.5bp, a Dfl 300m nine year term loan (tranche 'C') at 287.5bp and a Dfl 200m seven year revolver at 187.5bp. Banks have been asked to commit pro-rata.

Market commentary Compiled by Glen Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

* CSFB is preparing the second securitisation of French commercial property for Vivendi, formerly known as Compagnie Générale des Eaux. Like CGE's Ffr2.02bn La Défense deal lead managed last October by Citibank, the new transaction will parcel rents on office blocks in Paris which CGE is selling to Caisse de Dépôt et Placement du Québec.