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  • THE SUB-UNDERWRITING level of the $10.5bn acquisition facility for Vodafone should close next week after immense appetite was shown at the two levels on offer. Banks were required to take either $350m for an underwriting fee of 25bp and 20bp on the final take or $250m for an underwriting fee of 20bp and 20bp on the final take.
  • Morgan Stanley Dean Witter took the convertible market by storm this week with a Eu1bn issue for Pinault-Printemps-Redoute (PPR), the French retailer at loggerheads with luxury goods group LVMH in the battle for control of Gucci. The transaction will partially finance PPR's acquisition of a 42% stake in the Italian high fashion group via a controversial capital increase - the latest move in Gucci's bid to thwart a takeover attempt by LVMH.
  • Morgan Stanley Dean Witter took the convertible market by storm this week with a Eu1bn issue for Pinault-Printemps-Redoute (PPR), the French retailer at loggerheads with luxury goods group LVMH in the battle for control of Gucci. The transaction will partially finance PPR's acquisition of a 42% stake in the Italian high fashion group via a controversial capital increase - the latest move in Gucci's bid to thwart a takeover attempt by LVMH.
  • RUMOURS in the Spanish market suggest that Repsol could be coming to the market again within the next weeks, to refinance the debt it raised for its acquisition of YPF with another bank loan. The borrower's recent deal started life at $16bn but was reduced during the syndication process, and was signed at $9bn. Participants know that the size of the debt will be reduced further as the borrower issues again in the capital markets.
  • Stinnes IPO works after leads cut size and price, but DT bucks the trend
  • SALOMON Smith Barney has launched the co-underwriting phase of the Ffr5.4bn senior leveraged debt backing the creation of Capital BSN Emballage SA from the merger of Gerresheimer's and Danone's glass packaging business. Banks have been asked to make commitments of Ffr750m.
  • Denmark The planned Dkr2.4bn project financing for the mobile phone operator, Mobilix, has been cancelled. The move follows France Télécom's decision to fund the network build out on balance sheet.
  • Seagram strikes chord with US investors as restructuring, roadshow pay dividend
  • Goldman Sachs this week completed one of the largest secondary offerings ever in the North American market, proving that there is still investor appetite for large, liquid offerings. The combined stock offering and convertible bond issue for Canadian entertainment and drinks group Seagram Company raised a total of $2.78bn. There is an additional overallotment option for $275m which would increase proceeds to just over $3bn if exercised.
  • Banks rush to raise capital as investors hunt for yield
  • STAGECOACH has mandated Credit Suisse First Boston, JP Morgan, Royal Bank of Scotland and Bank of Scotland to arrange a $2.25bn credit that will, in part, back Stagecoach's agreed $1.237bn acquisition of Coach USA. Proceeds will also refinance existing facilities of Stagecoach and Coach USA.
  • Irish bank First Active felt the benefit of Emu last week when it launched its third public securitisation to an enthusiastic reception from continental European investors. Paribas lead managed the Eu250m mortgage backed deal through Celtic Residential Irish Mortgage Securitisation No 3 Plc.