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Croatia Lead managers Bayerische Landesbank Girozentrale and Bayerische Vereinsbank have signed the DM25m term loan for Croatia banka dd. Syndication was well supported, with an impressive oversubscription resulting in an increase of to DM30m. Bayerische Vereinsbank acted as co-ordinator and facility agent. Joining the two arrangers as managers with fees of 35bp flat were Banca Commerciale Italiana, Berliner Bank AG, Erste Bank der Oesterreichischen Sparkassen, Istituto Bancario San Paolo di Torino, Landesbank Schleswig-Holstein International, Vereins-und Westbank and GZB Bank-Genossenschaftliche Zentralbank. Lead managers' fees were 50bp flat. The loan has a margin of 110bp over Libor.

France Bankers Trust and Citibank are planning to fund banks into the Ffr2.4bn debt facilities backing the LBO of Danone's non-yoghurt business on March 27. Some 27 banks have come into the deal and an oversubscription has been achieved in syndication.

ARRANGERS of the Eu6bn loan facility for GEC Plc have closed syndication. The jumbo credit was well supported and an oversubscription was achieved. SBC Warburg Dillon Read and Barclays were yesterday (Thursday) scaling back co-arrangers and senior lead managers. About 10 co-arrangers have joined the deal and some 18 senior lead managers have committed.

Cyprus Bank of Tokyo-Mitsubishi, Commerzbank and Crédit Lyonnais have launched syndication of the $100m five year standby revolving credit for the Republic of Cyprus. The loan is priced at 27.5bp over Libor and has a commitment fee of 13bp. Three levels of participation in general syndication are offered with lead managers receiving fees of 20bp for takes of $7.5m, managers taking fees of 17.5bp for $5m and participants 15bp for $2.5m.

United States ANZ Investment Bank has closed a $50m three year revolving credit facility for Cogentrix Energy. Co-agents joining the facility are CIBC Oppenheimer, Dresdner Bank AG and Royal Bank of Scotland. The loan will be used for general corporate purposes including equity investments in power projects. Cogentrix is based in Charlotte, North Carolina and is a independent power producer involved in developing, owning and operating electric power facilities.

CHASE Manhattan, Lehman Brothers and Merrill Lynch have completed the structure and terms of the $10.9bn loan facilities supporting Texas Utilities' bid for the Energy Group. Details of the financing were included in Texas's formal bid offer document which was sent out to Energy Group's shareholders on March 11. The bid looks almost certain to win the battle for Energy Group. Pacificorp's offer totals £4.35bn, £110m less than the Texas bid. However, the Texas bid still needs regulatory approval.

HSBC has closed syndication of the £220m debt facilities backing Yule Catto's takeover of Holliday Chemicals Holdings. Syndication was oversubscribed, but the deal was not increased. The facility is split into a £120m five year revolving credit and a £100m five year term loan. Both loans are priced at 50bp over Libor but ratchet down to 40bp.

Norway Arrangers Christiania Bank and Den Norske Bank have closed the Nkr450m five year multicurrency revolver for Moelven Finans. The facility had a limited syndication with Nordbanken and Unibank taking Nkr75m each and the arrangers taking Nkr150m apiece. The deal is structured so that the facility reduces by Nkr20m every year. The margin is linked to the borrower's equity ratio -- if the ratio is less than 35% then the margin is 60bp over Libor. If the ratio is over 35%, the margin is 50bp.

SOCIETE Générale is preparing information memoranda for banks bidding for the mandate to arrange financing for Qatar Vinyl Company's (QVC) ethylene dichloride project at Umm Said. The project has a total cost of about $600m, of which about $420m will be limited or non-recourse debt. The borrower is also looking for a bond issue for between $200m and $250m to make up part of the debt financing.

Senegal West Merchant has closed syndication of a Ffr150m nine month pre-export financing facility for Société Nationale de Commercialisation des Oléagineux du Sénégal. The loan, which has a margin of 90bp above Pibor, was oversubscribed in syndication but not increased. Joining the deal with takes of Ffr25m each for participation fee of 20bp were Banque Belgolaise, Banque Nationale de Paris, Crédit Agricole Indosuez, Crédit Lyonnais, Natexis Banque (London branch). Agent and security trustee bank was Crédit Lyonnais.

China Deutsche Bank (Guangzhou) is quietly arranging a $38.3m four year club deal for San Xia International Leasing Co Ltd. Proceeds are to finance a lease contract to purchase equipment from Motorola to be leased to Hubei Post & Telecommunications Administration. A group of arrangers including Deutsche Bank recently completed a $16.2m lease purchase for the borrower to be lent on to the Inner Mongolia Post & Telecommunications Administration.

LEADING UK communications company NTL set a new benchmark in the high yield market last week with the launch of the largest high yield financing ever issued in a European currency. The sterling tranche of NTL's 10 year Euro/144A offering raised £300m through a £125m cash paying bond launched at 350bp over Gilts and a £175m deferred coupon bond launched at 475bp over.