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CDR FINANCE, the French state owned entity formed to purchase Crédit Lyonnais assets, is quietly establishing a Ffr3bn standby facility through sole arranger Société Générale SA. The five year facility, which is being guaranteed by EPFR, has a five year tenor and pays a spread of 6.75bp over Libor or Pibor. There is a commitment fee of 3.25bp.

CIMENTS FRANÇAIS SA is making a rare foray into the syndicated loan market for a new Ffr1.5bn amortising term loan that is being jointly arranged by Natexis Banque and Société Générale SA. The company, which is the latest French corporate to tap the syndicated loan market following a spate of mandates from the country's leading borrowers, will use the proceeds to refinance a number of existing arrangements including the outstanding element of its Ffr2bn 10 year Natexis Banque arranged loan signed in December 1995.

Hungary Crédit Lyonnais is in the initial stages of launching its recently mandated $50m term loan for first time borrower Hungarian Export-Import Bank.

Belgium Sumitomo Bank has completed syndication of its $200m term loan for Sidmar.

India The IFC has completed a $10m loan for Nicco Uco Financial Services Ltd, a medium sized financial services company in leasing, hire purchase, merchant banking, working capital and trade finance.

Israel The $40m amortising term loan being organised for the Industrial Development Bank of Israel by Euro-Trade Bank Ltd, Sumitomo Bank and Union Bank of Israel is to be signed on Monday.

BANQUE PARIBAS and ING Barings are mandated to arrange a rare Icelandic project financing for a new aluminium smelter being built on the island. The $110m project financing is to be formally unveiled to the market at a bankers presentation in London on November 14 with a site visit to follow on November 17 to Grundartangi.

Terms: $150m - revolving credit

Corporates Aggregate Industries plc, the company formed earlier this year through the merger of Bardon and Camas, is quietly to seek an aggressively priced medium term facility through mandated arrangers HSBC Investment Bank plc and the Royal Bank of Scotland.

South Africa The well supported $100m five year term loan being organised for the Industrial Development Corporation of South Africa by CSFB and Société Générale SA was signed last Friday in London.

THE JUMBO $3bn facility being sought by Gazprom through joint arrangers Crédit Lyonnais and Dresdner Bank Luxembourg SA looks set to capture the market's attention over the next few weeks. Since the facility, which follows a similarly structured loan signed earlier this year, was first announced in the summer, the market has been measuring up the potential level of support available to the Russian gas giant from international lenders.

NationsBank has completed an $800m facility for Walter Industries Inc. The secured loan is split into a $350m six year revolver and a $450m six year term loan. Pricing is based on the company's consolidated leverage ratio. The Libor margin is 50bp to 125bp and the commitment fee range is 17.5bp to 30bp.