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SBC Warburg is arranging a £500m credit facility that will part finance the merger of HMV's record stores with Dillons bookshops and Waterstone's. Merrill Lynch is also arranging a high yield bond issue totalling between £100m and £150m. Syndication of the £480m of debt facilities which are financing the demerger of the Burton Group has closed with considerable success.

Cyprus Arrangers of the $100m five year revolving credit for the Republic of Cyprus are appointing co-arrangers. Bank of Tokyo-Mitsubishi, Commerzbank and Crédit Lyonnais are offering $10m takes for co-arrangers. Arrangers are looking for about three banks to come in at this level. Once the co-arranger level has been determined, general syndication will be launched. Takes of $7.5m, $5m and $2.5m will be offered, with pricing set at 27.5bp over Libor.

Citicorp Securities Inc has arranged a $400m facility for DTE Capital Corp. Pricing for the two year revolving term loan is based on the company's debt rating. The Prime margin range is set at Prime flat, the Libor margin range is 22.5bp to 70bp and the commitment fee range is 12.5bp to 30bp.

Bulgaria London Forfaiting is to close syndication of the $10m facility for First Investment Bank today (Friday). There is a small oversubscription, but there will not be an increase. BNP/Dresdner, WestMerchant and Bank Kreiss are co-arrangers.

France Crédit Agricole Indosuez and Natexis Banque have won the mandate to arrange a Ffr3.4bn loan for Sita SA. The facility, which is fully underwritten by the arrangers, is priced at 30bp over Libor but ratchets down to 22.5bp according to the borrower's debt to EBITDA ratio. Banque Nationale de Paris, CCF, Crédit Lyonnais, Crédit du Nord and Deutsche Bank have joined as co-arrangers.

India ABN Amro Bank, ANZ Investment Bank, Barclays and Deutsche Morgan Grenfell are bidding for a $373m power plant project for SPIC Electric Power. ING Bank NV (Mumbai) has launched a five year ¥2bn bullet loan for Power Grid Corp of India Ltd.

Australia Pioneer International Ltd has launched a $350m self-arranged facility through subsidiaries Pioneer Investments BV, Pioneer International Finance Ltd and Pioneer International Finance USA Inc. The five year facility features a guarantee from the parent company and pays a margin of 13bp, front end fees of 5bp and an annual line fee of 12bp.

SIX BANKS have won the coveted mandate to arrange a £3bn credit facility for Bass plc, the UK company with interests ranging from brewing to holiday travel operations. As reported in Euroweek 540, Bass will use the loan to back its agreed £2.9bn bid for Inter-Continental Hotels, owned by the Saison Group of Japan. JP Morgan, Barclays, Lloyds, Deutsche Morgan Grenfell, Citibank and Midland won the mandate last week and have since been preparing the deal's journey through syndication.

CABLE & WIRELESS Communications (CWC) has mandated a group of four banks to arrange a £2bn syndicated loan in the latest in an impressive list of UK corporates to tap the syndicated loan markets for jumbo facilities this year. Chase Manhattan, CIBC, Citibank and Banque Paribas were awarded the prized mandate late last week. Since then four underwriting co-arrangers have been brought in: ABN Amro, Royal Bank of Scotland, Bank of Nova Scotia and Société Générale.

China CCIC Finance has been mandated to arrange a $15m loan for Flying Dragon Investments Ltd, an investment trading company wholly owned by Guangdong Finance International Trust & Investment Corp, which is providing a letter of support. Proceeds are to finance the import of paper manufacturing equipment from Finland to be used in the borrower's plant in Guangdong province, China. New Century International Leasing Co Ltd is tapping the market with a four year $31.5m loan arranged by Crédit Lyonnais. The four year amortising loan pays a margin of 125bp.

DONALDSON, Lufkin & Jenrette has swooped on São Paulo based investment bank Garantia and snapped up two of its best bankers as the Brazilian firm struggles with huge losses arising from the market meltdown last year. Within hours of Garantia reporting a 90% plunge in its net profit for 1997, DLJ announced that it had poached managing directors Jose Olympio and Eduardo Alcalay to jumpstart its Brazilian office.

AMERITECH, the Chicago based telecom company, has begun the sale of its 24.95% shareholding in Telecom New Zealand via a global secondary share offering that should raise around NZ$3.5bn ($2bn). Credit Suisse First Boston and Merrill Lynch, which have been advising the US company on the sale, will be joint global co-ordinators of the bookbuilt offering which is to be completed at the start of April.