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Limited, 071-260-9290; or Barclays de Zoete Wedd Limited, Advisers to the banking syndicate, 071-623-2323/
Assuming the banking syndicate activity is managed on a treasury management system, the members will experience improved internal controls in addition to the significant financial impact.
The board of WPP announced that these discussions have advanced to the point where outline proposals were yesterday presented to the full banking syndicate.
The amended credit facility was arranged through the Bank of Montreal as lead bank and administrative agent for the banking syndicate consisting of the Bank of Montreal, the Bank of Nova Scotia, the Bank of Tokyo-Mitsubishi (Canada), the National Bank of Canada and the Royal Bank of Canada.
It was also announced that the Company and its banking syndicate, as well as the holders of the senior unsecured notes, were in the process of negotiating certain amendments to the applicable agreements to increase the specified thresholds, effective the end of the third quarter in order to cure this non-compliance.
Part of the acquisition was funded through a non-recourse US$500 million bridge debt facility provided by a banking syndicate led by Citigroup, ABN Amro and ScotiaCapital.
As announced on December 16, 2004, the second US$5 million tranche of funding from Polaris banking syndicate, led by Standard Bank London, has been approved for the second 10 MW (Stage 2 - Binary Cycle Plant) of Phase 1.
NYSE: ITN) announced today that it has concluded a C$60 million revolving credit facility with an international banking syndicate composed of Canadian Imperial Bank of Commerce, The First National Bank of Boston, Lloyds Bank PLC and Credit Lyonnais Canada.
TSX VENTURE:GEO) a developer of geothermal power projects, announced today that its banking syndicate, comprised of Standard Bank London Limited and the Banco Centroamericano de Integracion Economica (CABEI), has approved the second US$5 million tranche of a US$10 million senior credit facility to fund construction of Phase I of the Company's 66 mega watt (MW) San Jacinto-Tizate geothermal project in Nicaragua.
announced today that it has been informed by Tandy Corporation (NYSE: TAN) that Tandy has reached agreement with InterTAN's Banking Syndicate to acquire all of InterTAN's debt from the Banking Syndicate, subject to execution of definitive agreements.
However, the lead lender under the bank credit agreement has agreed to provide a bank credit facility to the Company until January 31, 2005, either on its own or together with one or more of the other lenders in the banking syndicate.
As a result, the banks' negotiating committee agreed to seek approval from the various credit committees of all the banks to a proposal whereby Tandy Corporation will acquire all of InterTAN's debt from the Banking Syndicate at a negotiated price.