| A large loan arranged by a group of banks that form a syndicate, headed by the lead manager. |
Anglo Irish Bank
Date closed: 07/03
Volume: €450 million
Coupon: 0.18% pa
Legal Adviser: Eugene F Collins
Description: Anglo completed a three year syndicated revolving credit facility with 25 banks from 13 countries carrying a margin of 0.18% pa.
Ardagh Glass
Date launched: July 2003
Volume: €65 million
Maturity: 10 year
Coupon: various
Arranger: Anglo Irish Bank
Joint bookrunner: BNP Paribas
Legal Adviser to Anglo: McCann FitzGerald
Description: Refinancing and provision of new 10 senior subordinated notes
Arklow Shipping
Date launched: 11/03
Volume: €44 million and $16 million revolving credit
Maturity: 2010
Participant: Bank of Ireland
Description: To refinance existing fleet and finance future new-build purchase
Bord Gais Eireann
Date closed: 02/04/03
Volume: €250 million and €250 million
Maturity: 2004, 2008
Coupon: 50bp over Euribor, 45bp over Euribor
Joint Mandated lead arrangers: AIB, Bank of Ireland, IIB Bank, BNP Paribas, Citigroup/SSSB
Legal Adviser: McCann FitzGerald
Description: BGE’s debut in the international syndicated financial markets in a syndicated corporate facility for general corporate purposes. The deal was divided into two tranches a €250 million one-year term loan and a €250 million, five-year term loan and revolving credit facility.
Diageo Enterprises
Date closed: 02/05/03
Volume: US$5 billion
Arranger: Morgan Stanley
Legal Adviser: McCann FitzGerald
Description: General funding
eircom
Date launched: 08/03
Volume: €1.4 billion
Arrangers: Deutsche Bank, Bank of Ireland, AIB,Barclays Bank, Goldman Sachs, RBS
Co-arranger: Davy Stockbrokers, IIB Bank,
Advisers: Merrion Stockbrokers; Advisers to ESOT as 29.9% shareholder in Valentia
Legal adviser: A&L Goodbody (eircom); Freshfields (UK adviser to eircom); Arthur Cox (Deutsche Bank); Allen & Overy (UK adviser to bank syndicate)
ESB
Date launched: 11/03
Volume: €500 million
Maturity: 2008
Coupon: various
Joint Mandated Lead Arrangers: Bank of Ireland Corporate Banking, BNP Paribas, AIB Corporate Banking, Barclays Bank
Description: Five-year revolving credit facility
First Active
Date closed: 14/04/03
Volume: €420 million
Maturity: 2006
Coupon: 26.3 bps over Euribor after costs
Arranger: Barclays Capital, Bayerische Landesbank, Danske Bank and Royal Bank of Scotland
Legal Adviser: McCann FitzGerald
Description: Went out with a €300 million transaction but demand was such that First Active raised €420 million. There were 22 banks form Ireland, the UK and mainland Europe involved in the syndicate.
Galen
Date launched: April 2003
Volume: US$450
Maturity: 2008
Arranger: Bank of Ireland, ABN Amro, Barclays Bank
Purpose: The deal represents Galen’s debut into the bank syndicate market and was successfully launched to the UK and Irish marketplace in April. The $450m facility was to support Galen's purchase of two major acquisitions in the women’s healthcare products from Pfizer Corporation and Eli Lilly. The market gave both the acquisition and Galen a huge vote of confidence, with the transaction being significantly oversubscribed. A total of 13 banks are involved in the transaction.
Greenstar Recycling Holdings
Date launched: 04/03
Volume: €100 million
Maturity: 2008
Sole Arranger and Facility Agent: Bank of Ireland Corporate banking
Co-arrangers: AIB, Ulster Bank, IIB Bank, Bank of Scotland (Ireland)
Description: 5-year term loan and revolving credit tranches
ICON
Date launched: July 2003
Volume: $60 million
Maturity: 2008
Arranger: Bank of Ireland
Purpose: $40 million acquisition facility and $20 million working capital lines for US and European working capital requirements
Independent News & Media
Date launched: 06/03
Volume: €588 million
Maturity: 2008
Coupon: various
Joint Mandated Lead Arrangers: AIB Corporate Banking, IIB Bank, BNP Paribas, Bank of Ireland Corporate Banking
Legal Adviser: McCann FitzGerald
Description: A €588 million facility to part refinance the corporate debt facilities of Independent News & Media through syndicated multi currency facilities.
Irish Nationwide Building Society
Date launched: 07/03
Volume: €235 million
Lead arranger and bookrunner: BNP Paribas
Musgrave Group
Date announced: 04/03
Volume: €150 m
Arranger: Barclays Bank
Description: Syndication
Waterford Wedgewood
Date announced: 11/03
Volume: €230 m
Co-arranger: Barclays Bank
Description: Revolving credit facility |
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| Article appeared in the February 2004 issue.
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