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China Sanwa Bank (Hong Kong), LTCB (Hong Kong), Skandinaviska Enskilda Banken (Hong Kong) and United Overseas Bank (Guangzhou) have launched a $98.4m loan for New Century International Leasing Co Ltd.

BancAmerica Securities Inc has completed and signed the $225m (increased from $200m) US-CP facility renewal for CAF. Banks joining the one year at 20bp risk-participation fee facility are largely drawn from the 1996 syndicate with the exception of one new lender IBJ.

THE Euroloan market is set to see one of its busiest periods yet in the run up to Christmas on the back of booming M&A activity in the UK and Europe. In the past few days the market has been abuzz with rumours surrounding a multitude of major financings supporting the new wave of corporate restructurings in continental Europe as well as more activity in the UK.

ENERGIS plc, the telecom subsidiary of National Grid, is making its debut in the syndicated loan market for a £350m financing. The company, which operates the UK's only national fibre optic network exclusively using synchronus digital hierarchy (SDH), has mandated Dresdner Kleinwort Benson to arrange the financing in preparation for its planned flotation.

ENTERGY IS the latest of the US buyers of Britain's regional electricity distribution companies seeking to slash the costs of its acquisition facility. Earlier this year, Entergy put in place a well supported £1.25bn limited recourse jumbo supporting its purchase of London Electricity plc. The deal, one of the most ambitious yet done for an acquisition in this sector, was priced at a juicy 1.5% over Libor tied to a grid.

India Bank of America (Singapore), Bank of Nova Scotia Asia and Development Bank of Singapore are arranging a $63m club loan for Great Eastern Shipping Co.

Saudi Arabia The benchmark setting $2.3bn loan being arranged for Yanpet by Arab National Bank (joint documentation), ANZ Investment Bank (technical bank), Bank of America International Ltd (joint documentation, timetable and technical bank, co-ordinating bank), Barclays, Chase Investment Bank, Gulf International Bank (Middle East regional books), JP Morgan Securities Ltd (global books), Riyad Bank, Saudi American Bank, Saudi British Bank and Sumitomo Bank has been an outstanding success at the initial sub-underwriting phase.

Finland Cultor Ltd is returning to the market for a new $150m incremental loan that is being arranged by its traditional leads Merita Bank Ltd and Union Bank of Switzerland.

JP Morgan Securities Inc is to arrange a $4.1bn loan financing for Hilton Hotels Corp to fund the hotel chain's $70 per share tender offer of ITT Corp. The Beverly Hills, California-based hotel company has indicated that it will pay half cash, half stock for ITT. Chase Securities Inc has arranged a secured $600m revolving credit for Hechinger Investment Co. Pricing for the five year loan is based on the company's interest coverage ratio. The Prime margin range is Prime flat to 50bp and the Libor margin range is 150bp to 200bp.

Angola

PACIFIC Construction priced a $75m convertible on Monday, marking one of the few Taiwanese issues this year not to hail from the electronics sector. Led by Bankers Trust, the deal came at the tight end of the coupon range in return for a more generous premium and yield to put.

MORGAN Stanley Dean Witter will shortly launch a $750m initial public offering of stock for Benckiser, the manufacturer of cleaning products, on the Amsterdam and New York stock exchanges. The flotation, which is sizeable by the standards of the Dutch primary market, follows a string of small-to-medium corporate deals on the Amsterdam stock exchange.