New book by Larry Connors Click here Improve your trading - See how
The loan will also be used to refinance SI International's existing debt, replace Serco's outstanding 400 million pound ($616.8 million) loan dating from 2004 and to fund the general corporate and future working capital requirements of the combined group.
The loan was led by Bank of America, Barclays, BayernLB, Calyon, HSBC, Lloyds TSB and Royal Bank of Scotland.
Banks joining in syndication were WestLB, Commonwealth Bank of Australia, DBS Bank, Toronto Dominion and Instesa San Paolo.
The banks said despite market turbulence during the course of syndication, the transaction closed without any change to the pricing or terms.
The multi-currency loan includes a $550 million amortising term loan and a 400 million pound revolving credit facility, both with a five-year maturity, paying a margin of 145 basis points over LIBOR, tied to a leverage grid.
Two participation levels were on offer in syndication: lead arrangers were asked to commit $35 million on facility A and 26 million pounds on facility B for fees of 75 bps, while arrangers were asked to commit $20 million on facility A and 14 million pounds on facility B for fees of 50 bps.
(Reporting by Alasdair Reilly; Editing by David Holmes) ($1=.6485 Pound) Keywords: SERCO/LOAN
(alasdair.reilly@thomsonreuters.com; +44 20 7542 3197; Reuters Messaging: alasdair.reilly.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
MMMM
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
