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Posté: Ven 2 Juil 2010 19:56
Bank financing of Vedanta Resources
A research paper prepared for BankTrack
DRAFT: 15 June 2010
Jan Willem van Gelder
Anna van Ojik
Profundo
Radarweg 60
1043 NT Amsterdam
The Netherlands
Tel: +31-20-820 83 20
E-mail: profundo@profundo.nl
Website: www.profundo.nl
Contents
Chapter 1 Bank financing of Vedanta Resources 1
1.1 Introduction 1
1.2 Loans 1
1.3 Share issuances 3
1.4 Bond issuances 4
Appendix 1 References 6
Chapter 1 Bank financing of Vedanta Resources
1.1 Introduction
In this chapter we examine financing secured for (international) banks for the British mining company Vedanta Resources in the past five years. Paragraph 1.2 looks at loans, while paragraph 1.3 deals with share issuances and paragraph 1.4 deals with bond issuances.
1.2 Loans
• In August 2005 Hindustan Zinc secured a US$ 125 million (€ 102 million) loan from a banking syndicate arranged by ABN Amro Bank (now part of Royal Bank of Scotland), Calyon (part of Crédit Agricole) and Standard Chartered Bank. Proceeds were used to refinance a US$ 125 million loan signed in October 2003. The new loan is split in three tranches with maturities of 1.5, 2.5 and 3.5 years.
Nineteen banks participated in the loan. They are listed here, with respective amounts committed to the syndicate:
• ABN Amro part of Royal Bank of Scotland $12.50 million € 10.2 million
• Bank of Taiwan $5.00 million € 4.1 million
• Calyon part of Crédit Agricole $12.50 million € 10.2 million
• Canara Bank $2.00 million € 1.6 million
• Cathay United Bank $6.50 million € 5.3 million
• Chang Hwa Commercial Bank $3.25 million € 2.7 million
• Chiao Tung Bank $3.25 million € 2.7 million
• DBS Bank $10.25 million € 8.4 million
• Export-Import Bank of the Republic of China $4.00 million € 3.3 million
• Hua Nan Commercial Bank $6.50 million € 5.3 million
• International Commercial Bank of China $3.25 million € 2.7 million
• Mascareignes International Bank $3.25 million € 2.7 million
• Mizuho Corporate Bank $10.00 million € 8.2 million
• National Bank of Kuwait $6.50 million € 5.3 million
• Shanghai Commercial Bank $2.00 million € 1.6 million
• Standard Chartered Bank $12.50 million € 10.2 million
• Sumitomo Mitsui Banking Corp $10.00 million € 8.2 million
• Sumitomo Trust & Banking $8.50 million € 6.9 million
• Syndicate Bank $3.25 million € 2.7 million
• In March 2006, Sterlite Industries secured a Japanese Yen loan facility with a total value of US$ 92.6 million (€ 77.1 million) from ICICI Bank, Calyon (part of Crédit Agricole) and Standard Chartered Bank. The facility consisted of two different tranches: a US$ 67.6 million (€ 56.3 million) tranche repayable in June 2007 to repay the June 2004 loan and a US$ 25 million (€ 20.1 million) tranche repayable in September 2008 to repay a US$ 25 million loan secured in September 2003. The estimated contribution of Calyon is:
• Calyon, part of Crédit Agricole US$15 million € 12.5 million
• In April 2007 Vedanta Resources acquired a 51% controlling stake in the Indian iron ore mining company Sesa Goa and made a bid for another 20%. Total investment was US$ 1,370 million (€ 1,015 million). The acquisition was financed in July 2007 by a one-year bridge loan of US$ 1,100 million (€ 815 million) and existing cash resources. The bridge loan was arranged by ABN Amro Bank (now part of Royal Bank of Scotland), Barclays, Citigroup and ICICI Bank.
Fifteen banks participated in the syndicate, which was signed in August 2007. Names and contributions to the loan are as follows:
• ABN Amro, part of Royal Bank of Scotland US$ 75 million € 56 million
• Abu Dhabi Commercial Bank US$ 100 million € 75 million
• Bank of Baroda US$ 75 million € 56 million
• Bank of Tokyo-Mitsubishi UFJ US$ 73 million € 55 million
• Barclays US$ 75 million € 56 million
• BNP Paribas US$ 75 million € 56 million
• Calyon, part of Crédit Agricole US$ 75 million € 56 million
• Citigroup US$ 75 million € 56 million
• DBS Bank US$ 75 million € 56 million
• DZ Bank US$ 25 million € 19 million
• Fortis Bank, now part of BNP Paribas US$ 75 million € 56 million
• ICICI Bank US$ 77 million € 57 million
• Mizuho US$ 75 million € 56 million
• Société Générale US$ 75 million € 56 million
• Sumitomo Mitsui Banking Corp US$ 75 million € 56 million
• In August 2008, Vedanta Resources secured a US$ 1 billion (€ 642 million) five-year loan. The loan is used to refinance the US$ 1.1 billion acquisition loan that Vedanta took out in 2007 to help fund the purchase of a 51% stake in Sesa Goa, India’s biggest private sector iron ore producer. The total banking syndicate consisted of 24 banks, including:
• ABN Amro Bank, now part of RBS US$ 66.8 million € 42.9 million
• Bank of Baroda US$ 66.8 million € 42.9 million
• Bank of East Asia US$ 5.0 million € 3.2 million
• Bank of Tokyo-Mitsubishi UFJ US$ 66.8 million € 42.9 million
• Barclays US$ 66.8 million € 42.9 million
• Bayerische Landesbank US$ 25.0 million € 16.1 million
• Calyon, part of Crédit Agricole US$ 66.8 million € 42.9 million
• Chang Hwa Commercial Bank US$ 15.0 million € 9.6 million
• China Construction Bank US$ 10.0 million € 6.4 million
• Chinatrust Financial Holding US$ 15.0 million € 9.6 million
• Citigroup US$ 66.8 million € 42.9 million
• DBS Bank US$ 25.0 million € 16.1 million
• First Commercial Bank US$ 5.0 million € 3.2 million
• First Gulf Bank US$ 10.0 million € 6.4 million
• Indian Bank US$ 20.0 million € 12.8 million
• Intesa SanPaolo US$ 25.0 million € 16.0 million
• Mizuho Financial US$ 66.8 million € 42.9 million
• Natixis US$ 50.0 million € 31.1 million
• Scotiabank US$ 50.0 million € 31.1 million
• Standard Chartered Bank US$ 66.8 million € 42.9 million
• State Bank of India US$ 66.8 million € 42.9 million
• Sumitomo Mitsui Banking US$ 66.8 million € 42.9 million
• Taishin International Bank US$ 10.0 million € 6.4 million
• Westdeutsche Landesbank US$ 66.8 million € 42.9 million
• In June 2008, Vedanta Resources secured a Rp 10 billion (US$ 234 million) loan . ICICI Bank (India) acted as lead arranger. The banking syndicate consisted of six Indian banks.
• Bank of Maharashtra
• Corporation Bank
• ICICI Bank
• Indian Bank
• United Bank of India
• Vijaya Bank
• In March 2009, Vedanta Resources acquired copper producer Asarco (United States) for the total amount of US$ 1.7 bilion (€ 1.3 billion). The acquisition is backed by two letters of credit from ABN Amro (now part of Royal Bank of Scotland):
• ABN Amro, part of Royal Bank of Scotland US$ 100 million € 77 million
• In July 2009, Vedanta Resources secured a US$ 400 million (€ 287 million) two-year loan with an international banking syndicate. The proceeds of the loan were intended for general corporate purposes. The following eight banks participated in the syndicate:
• ANZ Banking US$ 40 million € 29 million
• Axis Bank US$ 50 million € 36 million
• Bank of Baroda US$ 50 million € 36 million
• Bank of Tokyo-Mitsubishi US$ 70 million € 50 million
• Calyon, part of Credit Agricole US$ 50 million € 36 million
• DBS Bank US$ 50 million € 36 million
• BNP Paribas US$ 40 million € 29 million
• Deutsche Bank US$ 50 million € 36 million
• In February 2010, Vedanta Aluminium, a 70.5% subsidiary of Vedanta Resources, announced a 100 billion Indian Rupee (US$ 2,158 million) ten-year loan. The proceeds of the loan were intended for project finance. The sole book runner of the issue was SBI Capital, part of State Bank of India. The deal is still in process and is yet to be closed.
• In April 2010, Vedanta Resources secured a US$ 200 million revolving credit facility. The proceeds of the facility will be used for general corporate purposes. UBS was the only bookrunner and agent for the deal.
1.3 Share issuances
• In June 2007, Sterlite Industries issued 150 million new shares (which equals a shareholding of 21.2%) in the form of American Depositary Shares on the American capital market. Sterlite Industries is India’s largest non-ferrous metals and mining group and was 76% owned by Vedanta Resources before. Following the offering Vedanta Resources still owned a majority share and had management control. The offering raised US$ 2,016 million (€ 1,503 million) for the company and was managed and underwritten by:
• Citigroup 12.9 million shares € 129 million
• Merrill Lynch 53.0 million shares € 530 million
• Morgan Stanley 53.0 million shares € 530 million
• Nomura 11.5 million shares € 115 million
• In July 2009, Sesa Goa, a 52.7% subsidiary of Vedanta Resources, issued 33 million new shares on the Indian capital market. The offering raised 5.4 billion Indian Rupee (US$ 111 million).
• In July 2009, Sterlite Industries, a 57.9% owned subsidiary of Vedanta Resources, issued 132 million shares in the form of American Depositary Shares on the American capital market. The offering raised US$ 1.6 billion (€ 1.1 billion) for the company and was managed and underwritten by JP Morgan and Morgan Stanley.
• In October 2009, Sesa Goa, a 52.7% subsidiary of Vedanta Resources, announced that it will issue shares with a total value of 60 billion Indian Rupee (US$ 1.3 billion). The proceeds of the issue were intended for general corporate purposes. The offer date of the issue is yet to be announced.
1.4 Bond issuances
• In October 2005, Vedanta Resources mandated Deutsche Bank, Merrill Lynch and Morgan Stanley for a US$ 500 to 1,000 million bond issuance. This bond issuance was never realised.
• In January 2006, Vedanta Finance (Jersey) Limited - a financing subsidiary of Vedanta Resources in Jersey - issued 4.6% twenty-year guaranteed convertible bonds with a total value of US$ 725 million (€ 600 million).
The bond issuance was managed and underwritten by Barclays. The issuance was a flop, which means that Barclays was not able to sell the bonds to sufficient investors and was left with a lot of bonds itself. It is not clear if Barclays has been able to sell these bonds since.
• In June 2008, Vedanta Resources issued bonds in two tranches totalling US$ 1.25 billion (€ 803 million). The first tranche consisted of 8.75% five and a half year bonds totalling US$ 500 million (€ 321 million). The second tranche consisted of 9.5% ten-year bonds totalling US$ 750 million (€ 482 million). The proceeds were intended for general corporate purposes. The bonds were sold as a private offering. Five banks acted as joint book runners:
• Barclays US$ 208.3 million € 134 million
• Citigroup US$ 208.3 million € 134 million
• Deutsche Bank US$ 208.3 million € 134 million
• JPMorgan US$ 312.5 million € 201 million
• Morgan Stanley US$ 312.5 million € 201 million
• In July 2009, Vedanta Resources issued seven-year bonds with a total value of US$ 1.25 billion (€ 891 million) and an interest rate of 5.50%. The proceeds of the issue were intended for general corporate purposes, capital expenditures and future acquisitions. JP Morgan acted as the only book runner for the issue. Morgan Stanley & Co underwrote the issue.
• In September 2009, Sesa Goa, a 52.7% subsidiary of Vedanta Resources, issued five-year bonds with a total value of US$ 500 million (€ 341 million) and an interest rate of 5.00%. The proceeds of the issue were intended for project finance, capital expenditure, mining exploration and general corporate purposes. The two book runners for the issue were Goldman Sachs & Co and Morgan Stanley & Co.
• In October 2009, Sterlite Industries, a 57.9% subsidiary of Vedanta Resources, issued five-year bonds with a total value of US$ 500 million and an interest rate of 4.00%. The proceeds of the issue were intended for general corporate purposes, for future acquisitions and for investments. Deutsche Bank and Morgan Stanley were the joint book runners for the issue.
• In March 2010 Vedanta Resources Jersey II, a 100% subsidiary of Vedanta Resources, issued three-year bonds with a total value of US$ 883 and an interest rate of 4.00%. The proceeds of the issue were intended for general corporate purposes and to refinance existing bank debts. Four banks acted as joint book runners:
• UBS
• Goldman Sachs
• JP Morgan
• Morgan Stanley & Co
A research paper prepared for BankTrack
DRAFT: 15 June 2010
Jan Willem van Gelder
Anna van Ojik
Profundo
Radarweg 60
1043 NT Amsterdam
The Netherlands
Tel: +31-20-820 83 20
E-mail: profundo@profundo.nl
Website: www.profundo.nl
Contents
Chapter 1 Bank financing of Vedanta Resources 1
1.1 Introduction 1
1.2 Loans 1
1.3 Share issuances 3
1.4 Bond issuances 4
Appendix 1 References 6
Chapter 1 Bank financing of Vedanta Resources
1.1 Introduction
In this chapter we examine financing secured for (international) banks for the British mining company Vedanta Resources in the past five years. Paragraph 1.2 looks at loans, while paragraph 1.3 deals with share issuances and paragraph 1.4 deals with bond issuances.
1.2 Loans
• In August 2005 Hindustan Zinc secured a US$ 125 million (€ 102 million) loan from a banking syndicate arranged by ABN Amro Bank (now part of Royal Bank of Scotland), Calyon (part of Crédit Agricole) and Standard Chartered Bank. Proceeds were used to refinance a US$ 125 million loan signed in October 2003. The new loan is split in three tranches with maturities of 1.5, 2.5 and 3.5 years.
Nineteen banks participated in the loan. They are listed here, with respective amounts committed to the syndicate:
• ABN Amro part of Royal Bank of Scotland $12.50 million € 10.2 million
• Bank of Taiwan $5.00 million € 4.1 million
• Calyon part of Crédit Agricole $12.50 million € 10.2 million
• Canara Bank $2.00 million € 1.6 million
• Cathay United Bank $6.50 million € 5.3 million
• Chang Hwa Commercial Bank $3.25 million € 2.7 million
• Chiao Tung Bank $3.25 million € 2.7 million
• DBS Bank $10.25 million € 8.4 million
• Export-Import Bank of the Republic of China $4.00 million € 3.3 million
• Hua Nan Commercial Bank $6.50 million € 5.3 million
• International Commercial Bank of China $3.25 million € 2.7 million
• Mascareignes International Bank $3.25 million € 2.7 million
• Mizuho Corporate Bank $10.00 million € 8.2 million
• National Bank of Kuwait $6.50 million € 5.3 million
• Shanghai Commercial Bank $2.00 million € 1.6 million
• Standard Chartered Bank $12.50 million € 10.2 million
• Sumitomo Mitsui Banking Corp $10.00 million € 8.2 million
• Sumitomo Trust & Banking $8.50 million € 6.9 million
• Syndicate Bank $3.25 million € 2.7 million
• In March 2006, Sterlite Industries secured a Japanese Yen loan facility with a total value of US$ 92.6 million (€ 77.1 million) from ICICI Bank, Calyon (part of Crédit Agricole) and Standard Chartered Bank. The facility consisted of two different tranches: a US$ 67.6 million (€ 56.3 million) tranche repayable in June 2007 to repay the June 2004 loan and a US$ 25 million (€ 20.1 million) tranche repayable in September 2008 to repay a US$ 25 million loan secured in September 2003. The estimated contribution of Calyon is:
• Calyon, part of Crédit Agricole US$15 million € 12.5 million
• In April 2007 Vedanta Resources acquired a 51% controlling stake in the Indian iron ore mining company Sesa Goa and made a bid for another 20%. Total investment was US$ 1,370 million (€ 1,015 million). The acquisition was financed in July 2007 by a one-year bridge loan of US$ 1,100 million (€ 815 million) and existing cash resources. The bridge loan was arranged by ABN Amro Bank (now part of Royal Bank of Scotland), Barclays, Citigroup and ICICI Bank.
Fifteen banks participated in the syndicate, which was signed in August 2007. Names and contributions to the loan are as follows:
• ABN Amro, part of Royal Bank of Scotland US$ 75 million € 56 million
• Abu Dhabi Commercial Bank US$ 100 million € 75 million
• Bank of Baroda US$ 75 million € 56 million
• Bank of Tokyo-Mitsubishi UFJ US$ 73 million € 55 million
• Barclays US$ 75 million € 56 million
• BNP Paribas US$ 75 million € 56 million
• Calyon, part of Crédit Agricole US$ 75 million € 56 million
• Citigroup US$ 75 million € 56 million
• DBS Bank US$ 75 million € 56 million
• DZ Bank US$ 25 million € 19 million
• Fortis Bank, now part of BNP Paribas US$ 75 million € 56 million
• ICICI Bank US$ 77 million € 57 million
• Mizuho US$ 75 million € 56 million
• Société Générale US$ 75 million € 56 million
• Sumitomo Mitsui Banking Corp US$ 75 million € 56 million
• In August 2008, Vedanta Resources secured a US$ 1 billion (€ 642 million) five-year loan. The loan is used to refinance the US$ 1.1 billion acquisition loan that Vedanta took out in 2007 to help fund the purchase of a 51% stake in Sesa Goa, India’s biggest private sector iron ore producer. The total banking syndicate consisted of 24 banks, including:
• ABN Amro Bank, now part of RBS US$ 66.8 million € 42.9 million
• Bank of Baroda US$ 66.8 million € 42.9 million
• Bank of East Asia US$ 5.0 million € 3.2 million
• Bank of Tokyo-Mitsubishi UFJ US$ 66.8 million € 42.9 million
• Barclays US$ 66.8 million € 42.9 million
• Bayerische Landesbank US$ 25.0 million € 16.1 million
• Calyon, part of Crédit Agricole US$ 66.8 million € 42.9 million
• Chang Hwa Commercial Bank US$ 15.0 million € 9.6 million
• China Construction Bank US$ 10.0 million € 6.4 million
• Chinatrust Financial Holding US$ 15.0 million € 9.6 million
• Citigroup US$ 66.8 million € 42.9 million
• DBS Bank US$ 25.0 million € 16.1 million
• First Commercial Bank US$ 5.0 million € 3.2 million
• First Gulf Bank US$ 10.0 million € 6.4 million
• Indian Bank US$ 20.0 million € 12.8 million
• Intesa SanPaolo US$ 25.0 million € 16.0 million
• Mizuho Financial US$ 66.8 million € 42.9 million
• Natixis US$ 50.0 million € 31.1 million
• Scotiabank US$ 50.0 million € 31.1 million
• Standard Chartered Bank US$ 66.8 million € 42.9 million
• State Bank of India US$ 66.8 million € 42.9 million
• Sumitomo Mitsui Banking US$ 66.8 million € 42.9 million
• Taishin International Bank US$ 10.0 million € 6.4 million
• Westdeutsche Landesbank US$ 66.8 million € 42.9 million
• In June 2008, Vedanta Resources secured a Rp 10 billion (US$ 234 million) loan . ICICI Bank (India) acted as lead arranger. The banking syndicate consisted of six Indian banks.
• Bank of Maharashtra
• Corporation Bank
• ICICI Bank
• Indian Bank
• United Bank of India
• Vijaya Bank
• In March 2009, Vedanta Resources acquired copper producer Asarco (United States) for the total amount of US$ 1.7 bilion (€ 1.3 billion). The acquisition is backed by two letters of credit from ABN Amro (now part of Royal Bank of Scotland):
• ABN Amro, part of Royal Bank of Scotland US$ 100 million € 77 million
• In July 2009, Vedanta Resources secured a US$ 400 million (€ 287 million) two-year loan with an international banking syndicate. The proceeds of the loan were intended for general corporate purposes. The following eight banks participated in the syndicate:
• ANZ Banking US$ 40 million € 29 million
• Axis Bank US$ 50 million € 36 million
• Bank of Baroda US$ 50 million € 36 million
• Bank of Tokyo-Mitsubishi US$ 70 million € 50 million
• Calyon, part of Credit Agricole US$ 50 million € 36 million
• DBS Bank US$ 50 million € 36 million
• BNP Paribas US$ 40 million € 29 million
• Deutsche Bank US$ 50 million € 36 million
• In February 2010, Vedanta Aluminium, a 70.5% subsidiary of Vedanta Resources, announced a 100 billion Indian Rupee (US$ 2,158 million) ten-year loan. The proceeds of the loan were intended for project finance. The sole book runner of the issue was SBI Capital, part of State Bank of India. The deal is still in process and is yet to be closed.
• In April 2010, Vedanta Resources secured a US$ 200 million revolving credit facility. The proceeds of the facility will be used for general corporate purposes. UBS was the only bookrunner and agent for the deal.
1.3 Share issuances
• In June 2007, Sterlite Industries issued 150 million new shares (which equals a shareholding of 21.2%) in the form of American Depositary Shares on the American capital market. Sterlite Industries is India’s largest non-ferrous metals and mining group and was 76% owned by Vedanta Resources before. Following the offering Vedanta Resources still owned a majority share and had management control. The offering raised US$ 2,016 million (€ 1,503 million) for the company and was managed and underwritten by:
• Citigroup 12.9 million shares € 129 million
• Merrill Lynch 53.0 million shares € 530 million
• Morgan Stanley 53.0 million shares € 530 million
• Nomura 11.5 million shares € 115 million
• In July 2009, Sesa Goa, a 52.7% subsidiary of Vedanta Resources, issued 33 million new shares on the Indian capital market. The offering raised 5.4 billion Indian Rupee (US$ 111 million).
• In July 2009, Sterlite Industries, a 57.9% owned subsidiary of Vedanta Resources, issued 132 million shares in the form of American Depositary Shares on the American capital market. The offering raised US$ 1.6 billion (€ 1.1 billion) for the company and was managed and underwritten by JP Morgan and Morgan Stanley.
• In October 2009, Sesa Goa, a 52.7% subsidiary of Vedanta Resources, announced that it will issue shares with a total value of 60 billion Indian Rupee (US$ 1.3 billion). The proceeds of the issue were intended for general corporate purposes. The offer date of the issue is yet to be announced.
1.4 Bond issuances
• In October 2005, Vedanta Resources mandated Deutsche Bank, Merrill Lynch and Morgan Stanley for a US$ 500 to 1,000 million bond issuance. This bond issuance was never realised.
• In January 2006, Vedanta Finance (Jersey) Limited - a financing subsidiary of Vedanta Resources in Jersey - issued 4.6% twenty-year guaranteed convertible bonds with a total value of US$ 725 million (€ 600 million).
The bond issuance was managed and underwritten by Barclays. The issuance was a flop, which means that Barclays was not able to sell the bonds to sufficient investors and was left with a lot of bonds itself. It is not clear if Barclays has been able to sell these bonds since.
• In June 2008, Vedanta Resources issued bonds in two tranches totalling US$ 1.25 billion (€ 803 million). The first tranche consisted of 8.75% five and a half year bonds totalling US$ 500 million (€ 321 million). The second tranche consisted of 9.5% ten-year bonds totalling US$ 750 million (€ 482 million). The proceeds were intended for general corporate purposes. The bonds were sold as a private offering. Five banks acted as joint book runners:
• Barclays US$ 208.3 million € 134 million
• Citigroup US$ 208.3 million € 134 million
• Deutsche Bank US$ 208.3 million € 134 million
• JPMorgan US$ 312.5 million € 201 million
• Morgan Stanley US$ 312.5 million € 201 million
• In July 2009, Vedanta Resources issued seven-year bonds with a total value of US$ 1.25 billion (€ 891 million) and an interest rate of 5.50%. The proceeds of the issue were intended for general corporate purposes, capital expenditures and future acquisitions. JP Morgan acted as the only book runner for the issue. Morgan Stanley & Co underwrote the issue.
• In September 2009, Sesa Goa, a 52.7% subsidiary of Vedanta Resources, issued five-year bonds with a total value of US$ 500 million (€ 341 million) and an interest rate of 5.00%. The proceeds of the issue were intended for project finance, capital expenditure, mining exploration and general corporate purposes. The two book runners for the issue were Goldman Sachs & Co and Morgan Stanley & Co.
• In October 2009, Sterlite Industries, a 57.9% subsidiary of Vedanta Resources, issued five-year bonds with a total value of US$ 500 million and an interest rate of 4.00%. The proceeds of the issue were intended for general corporate purposes, for future acquisitions and for investments. Deutsche Bank and Morgan Stanley were the joint book runners for the issue.
• In March 2010 Vedanta Resources Jersey II, a 100% subsidiary of Vedanta Resources, issued three-year bonds with a total value of US$ 883 and an interest rate of 4.00%. The proceeds of the issue were intended for general corporate purposes and to refinance existing bank debts. Four banks acted as joint book runners:
• UBS
• Goldman Sachs
• JP Morgan
• Morgan Stanley & Co