Borrower | Nationality | Amount millions | Margin and Fees | Life | Purpose/remarks | Signing date | |
Red Nacional de Ferrocarriles Espanoles (RENFE) | Spain | SPT | 45,000 | Margin: 8bp, Participation Fee: 15bp for 1000m, 10bp for 500m | 7 years | Proceeds are to refinance the Pta45bn loan arranged by Banco de Negocias Argentaria and CECA signed June 94. | 8 Jan 97 |
Tagus Bridge | Portugal | DM | 333 | Margin: 162.5bp | 13 years | Proceeds are to finance the design and construction of the new Tagus bridge and to maintain the existing bridge. | 21 Feb 97 |
Kingdom of Spain | Spain | SPT | 45,000 | Margin: 7bp | 7 years | Renegotiation of previous deal for Astilleros Espanoles SA. | 6 Mar 97 |
Electricidade de Portugal SA (EdP) | Portugal | YEN | 11,250 | Margin: 12.50bp from 1 yr to 5 yrs, 15bp from 6 yrs to 7 yrs, Participation Fee: 10bp for 1200m, 7.50bp for 600m | 7 years | Proceeds are to refinance a long-term loan signed in 1988. Oversubscribed but not to be increased. | 12 Mar 97 |
Severn River Crossing Ltd | United Kingdom | STG | 165 | Margin: 75bp Participation fee: 30bp for 15m, 25bp for 10m | 9 years | Refinancing of a £340m loan taken out in 1990. Syndication targeted at existing lenders. Oversubscribed but not increased. | 25 Mar 97 |
ISAB Energy SpA | Italy | LIT | 1,885,000 | Margin 135bp Participation fee: 60bp for 100,000m, 50bp for 80,000m, 40bp for 50,000m, 30bp for 30,000m | 13 years | Non-recourse project finance facility to construct an integrated power plant in Sicily. Oversubscribed but not increased. | 16 May 97 |
Sarlux Srl | Italy | LIT | 1,940,000 | Margin 135bp from 1-5 yrs, 45bp from 6-8 yrs, 165bp from 9-15 yrs. Committment fee: 50bp, Participation fee 50bp for 60,000m, 40bp for 40,000m, 30bp for 20,000m | 15 years | Limited-recourse project financing for an integrated power plant in Sardinia. Oversubscribed but not increased. | 14 Jun 97 |
Saltend Cogeneration Co Ltd | United Kingdom | STG | 72 | Margin: 450bp | 12 years | Project finance facility for the construction of a 1,200MW power plant. Project will sell 90% of its output directly into the English and Welsh electricity pool, taking full market risk. | 14 Dec 97 |
Reseau Ferre de France (RFF) | France | FFR | 4,000 | Margin:5bp, Commitment Fee: 2bp Participation Fee: 3bp for 500m, 150bp for 300m | 1 year | First-time borrower. Proceeds are for general corporate purposes. Split between a Ffr4bn 1-year revolving credit and a Ffr6bn 5-year revolving credit. The facility is also rated AAA by IBCA. It is 20% risk-weighted by the Commission Bancaire. | 29 Dec 97 |
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| FFR | 6,000 | Margin: 7bp, Commitment Fee: 3.5bp, Utilisation Fee: 2.50 bp for 50.00 to for 50.00 to 100.00% Fee: 3bp for 500m, 1.5bp for 300m | 5 years | Targeted at core relationship banks. Oversubscribed by more than 60% but not increased. |
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Autolink Concessionaires (M6) Ltd | United Kingdom | STG | 230 | Margin: 140bp, Participation Fee 45bp for 15m, 35bp for 10m | 17 years | Proceeds are to finance the upgrade to motorway status of the M6 on both sides of the England/Scotland border. Project is last of current PFI trunk road upgrades and is under a 30 year contract. | Dec 1997 |
Ente Publico Radio Television Madrid-TeleMadrid | Spain | SPT | 15,800 | Margin: 9bp, Margin: 9bp, Commitment Fee: 10bp, Participation Fee: 4bp for 2000m, 2.50bp for 1000 to 2000m, 1.50bp for 500 to 1000m | 5 years | Proceeds are to refinance a Pta 15.8bn arranged by Bank of America and signed 06-09-1994. Oversubscribed but not increased. | 5 Feb 98 |
Aeroports de Paris (ADP) | France | FFR | 1,000 | Margin: 10bp, Commitment Fee: 4.50bp for 50.00 Fee: 5.50bp , for 125m 2.50bp for 75 to 125m | 5 years | The facility carries EPIC status, AAA ratings and a 20% risk-weighting. Replies by 02-12-1998. Fully underwritten by the arranger. Oversubscribed by more than 60% but not increased. Signed in counterpart. | 4 Mar 98
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Charbonnages de France | France | FFR | 600 | Margin: 13.50bp, Commitment Fee: 6.75bp, Utilisation Fee: 0bp for up to 50%, 2.50bp for 50 to 100%, Participation Fee: 7bp for 150m, 5.50bp for 100m, 3bp for 50m | 5 years | Split between a Ffr 600m 5-year tranche and a Ffr 600m 1-year tranche. Oversubscribed but not increased. | 28 Apr 98 |
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| FFR | 600 | Margin: 12.50bp, Commitment Fee: 5bp, Utilisation Fee: 0bp for up to 50%, 2.50bp for 50 to 100%, Participation Fee: 7bp for 150m, 5.50bp for 100m, 3bp for 50m | 1 year |
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Radiotelevisione Italiana SpA (RAI) | Italy | Euro | 150 | Margin: 25bp, Commitment Fee: 12.50bp, Participation Fee: 10bp for 10m | 5 years | First loan for an Italian borrower to be denominated in Euros. Proceeds are for general corporate purposes. Oversubscribed and increased from EUR100m to EUR150m. | 23 Jul 98 |
Hellenic Republic | Greece | DM | 220 | Margin: 37.50bp, Commitment Fee: 20bp, Participation Fee 17.50bp for 30m, 15bp for 20m, 12.50bp for 10m | 8 years | Finances multi-purpose military vehicles. Targeted syndication. Oversubscribed but not increased. | 31 Jul 98 |
Her Majesty in Right of Canada | Canada | US$ | 6,000 | Margin: 4bp, Commitment Fee: 1.50bp, Facility Fee: 2.50bpa | 5 years | Proceeds are for CP backstop. | 8 Sep 98 |
Posten Norge BA | Norway | NKR | 1,800 | Margin: 14bp from 1 yr to 3 yrs, 16.50bp from 4 yrs to 5 yrs, 17.50bp from 6 yrs to 7 yrs, Commitment Fee: 7bp from 1 yr to 3 yrs, 8.25bp from 4 yrs to 5 yrs, 8.75bp from 6 yrs to 7 yrs, UF: 0bp for up | 7 years | First-time borrower. Proceeds are for general corporate purposes and to refinance a state budget loan maturing end of 11-1998. There is a mandatory prepayment if state ownership falls below 100% | 7 Oct 98 |