This article appeared in Finance Magazine

Bord Gais seeks loan facility
Bord Gais has approached the market for a €500 million five-year dual-tranche facility.
The syndication was launched by mandated arrangers AIB, Bank of Ireland, BNP Paribas (joint bookrunner) and Citigroup/ SSSB (joint bookrunner.). Commitments were due by April 2nd.

The initial tranche of the deal is a €250 million one year term loan carrying a margin of 50bp over Euribor. The second tranche is a €250 million five year revolver paying a margin of 45bp over Euribor. The term loan will carry a margin that moves according to a ratings grid between 37.5bp and 75bp, whil the revolver moves between 32.5bp and 70bp and carries a utilisation fee of 5bp and a commitment fee of 45 percent of the margin.
This article appeared in the April 2003 edition of Finance Magazine.