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France Telecom goes cap in hand to 17 banks

Relying on at least 10 being accommodating...

By Will Sturgeon

Published: 4 December 2001 07:28 GMT

France Telecom is on the verge of securing one of the largest corporate loan deals of the year.

The heavily indebted telco is hoping to secure a refinancing deal for at least half of its E30bn (£18.6bn) borrowing from last year and has approached 17 banks, requesting E1.5bn (£900m) from each. The new deal is expected to consist of a revolving credit facility - at least E10bn (£6.2bn) of which will be good for three years, according to the Financial Times.

France Telecom has approached leading banks, including Barclays Capital, BNP Paribas, Citibank and CSFB - all of which were involved in the previous round of financing.

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