AFTER A protracted syndication process which ended on December 18, Dresdner and Crédit Lyonnais finally closed Gazprom's $3bn pre-export gas receivables deal. Some 25 banks came in at the various participation levels raising $560m, bringing the total number of banks lending to Gazprom to 39. For some members of Dresdner's project finance team, the deal ended with a whimper, rather than the bang which was widely anticipated after the co-arrangers' level closed 50% oversubscribed in early November 1997. "The deal is certainly not a flop," said a member of Dresdner's syndication team in Luxembourg. "But the general syndication has been disappointing, considering we expected about 60 banks to come in at the lower levels.
January 09, 1998