Chase Manhattan Corp. and Barclays de Zoette Wedde are arranging an
Southern Electric has made a $2.42 billion friendly offer for the
The bids for Southern Water come during a period of rapid consolidation
Indeed, Chase and Barclays are catching one of the first waves of
The loan to Southern Electricity is the first syndicated facility for
The two banks equally underwrote the loan and are jointly managing the
Barclays and Chase worked together on another recent utilities deal,
Sixty-five percent of the Southern Electric deal will be financed by
The loan both supports the acquisition and refinances some outstanding
The five-year revolving credit, which has no amortization, will be
The banks are expected to seek coarrangers in the next week at the $150
The credit is expected to have a margin of the London interbank offered
Market sources said the company will have approximately 55% to 60% debt