The bank loan market for British utilities continues to heat up, with Chase Manhattan Corp., Citicorp, and Barclays de Zoete Wedd leading a total of $3.1 billion in loans for a prospective buyer of Midlands PLC.

Two U.S. electric utilities, General Public Utilities and Cinergy Corp., have tapped the bank loan market to back their bid for Midlands. The deal comes about two weeks after the British government disallowed a proposed merger between Powergen and Midlands that used $4 billion in bank loans,

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.