BancAmerica Securities Inc. completed a $4 billion syndicated loan for Compaq Computer Corp. last week, the third and largest syndication offered to date using the Internet.

BankAmerica used the IntraLoan system, a secure, private network that uses Internet technology developed by New York-based IntraLinks Inc. IntraLoan is designed to distribute offering information and other materials, such as credit agreements, via the Internet.

"Electronic distribution is an important option for our clients, as it now provides an ease of use and speed comparable to, and in some ways better than, the traditional way of distributing and providing information in syndications transactions," said Evan Zebooker, a BancAmerica Securities vice president.

Lenders invited to participate in these transactions can electronically access documents normally produced in paper form and distributed by courier services, mail, or fax. Thirty-five existing Compaq lenders and several others were invited into the deal, according to a statement from BancAmerica Securities.

Among its features, the system also offers links from the Securities and Exchange Commission's site for Edgar documents distribution, real-time posting of transaction update information, electronic response forms such as RSVPs to the lender's meeting, and electronic distribution of credit agreements.

Separately, BankAmerica said Friday that it hired two new credit derivatives professionals for its San Francisco office. Robert Reoch has joined from Nomura International in London to head BankAmerica's global credit derivatives effort. Richard Davis, formerly of Lehman Brothers in New York, has also joined the credit derivatives team.

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