Banks launch facilities for Eircom

BANKS have launched syndication of the senior facilities backing the buyout of Eircom by BCM.

BCM is a group combining Australian investment firm Babcock and Brown Capital Ltd and the Eircom Employee Share Ownership Trust (ESOT), the arrangers said in a statement.

Barclays Capital, Credit Suisse, Deutsche Bank, Dresdner Kleinwort and JP Morgan are arranging the financing.

The deal comprises €3.3 billion of senior secured credit facilities and €200m of second lien debt. A management presentation will be held in London on July 17, and commitments are due on July 31.