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Banque Nationale de Paris and Citibank are in the market with a GBP1 billion ($1.62 billion) credit facility to finance Axa-UAP's acquisition of Guardian Royal Exchange PLC.
The facility is structured as an 11-month GBP500 million revolver priced at Libor plus 25 basis points and a three-year GBP500 million revolver priced at Libor plus 27.5 basis points. Commitment fees for the revolvers are 10 basis points and 12.5 basis points, respectively.
On offer to lenders are a GBP65 million senior co-arranger tier, which pays a fee of 15 basis points, and a GBP40 million co-arranger tier, which pays a fee of 10 basis points.
Axa will conduct the acquisition through its majority-controlled subsidiary Sun Life and Provincial Holdings PLC.
French Axa's acquistion of British GRE is worth approximately GBP3.44 billion ($5.6 billion). Sun Life and Provincial will retain GRE U.K. and GRE Ireland for GBP1.879 billion. Axa's German subsidiary, Axa Colonia, will get GRE Germany for about GBP589 million in cash, while parent Axa will obtain GRE Overseas for GBP972 million in cash. GRE U.S. will be sold to American insurer Liberty Mutual for $1.465 billion.
* Bank of New York, Bank of Tokyo-Mitsubishi, Banque Nationale de Paris, Generale Bank and Greenwich NatWest are in the market with a E500 million ($562 million) credit facility for Agricultural Bank of Greece.
The deal is structured as a 364-day E250 million revolver and a 364-day E250 million uncommitted tender panel facility. Pricing for the revolver is Libor plus 17.5 basis points plus a commitment fee of 8.75 basis points.
Co-arrangers committing E15 million, for a fee of six basis points, have already signed on. They include Banca di Roma London, Monte dei Paschi de Siena, Banca Nazionale del Lavoro, Bankgesellschaft Berlin, Deutsche Girozentrale International, KBC Bank Dublin, Landesbank Schleswig-Holstein International, National Australia Bank, SGZ-Bank Ireland and Vereins-und Westbank.
Still remaining on offer is...