Gazprom $2.5 billion eight-year syndicated loan: Dresdner Bank
The Russian gas company's debut international loan was seen one of the most challenging ever by a borrower in the syndicated loan market. The size and maturity surpassed any previous Russian financing. The pricing at just 2% above Libor reflected the high regard in which Gazprom is held. Gazprom now has earned the unofficial title of "Russia's most bankable company" and the loan has redefined what other Russian companies can expect from the market.
Imperial Chemical Industries (ICI) $8.5 billion syndicated loan: Goldman Sachs, HSBC Group, SBC Warburg
Structured as $4 billion of revolving credit and a $4.5 billion amortizing term loan, both with five-year maturities, the syndication was praised for its careful planning and execution. The first two years of the deal were regarded as relatively tight, thereafter becoming more lender-friendly. ICI has managed to retain a high credit rating, and the size of the jumbo deal meant that most major market players had to participate for the deal to be a success. The loan finances the $8 billion purchase of Unilever's specialty chemical business.
PacifiCorp £4.5