Financial news: Savings, Economic & Money

Rlpc arrow global acquires portuguese loan portfolios

´╗┐British debt collection company Arrow Global Group has acquired three Portuguese portfolios of loans worth a total of around 1 billion euros ($1.4 billion) for 78 million euros, the company announced on Monday. The portfolios, acquired from international and domestic Portuguese banks, predominately include Portuguese consumer loans as well as some small and medium-sized enterprise (SME) loans. Arrow Global's Portuguese business now has a total face value of more than 2 billion euros.

Banks are increasingly selling assets and improving the quality of their balance sheets in light of capital constraints and an asset quality review by the European Central Bank. In the first half of 2014, Arrow Global purchased loans totalling 1 billion pounds ($1.7 billion) of face value, for a price of 98 million pounds, putting the company ahead of an expected 115 million pounds of investment this year.

The three portfolios, included in the first-half total, were acquired with cash on balance sheet and a portion of a 55 million pound revolving credit facility, which was increased from 40 million pounds in October 2013, banking sources said.

($1 = 0.7331 Euros)($1 = 0.5877 British Pounds)

Rlpc south africas eskom seeks up to $1 bln loan

´╗┐Aug 18 South African state-owned power utility Eskom is in talks with banks for a secured syndicated loan of up to $1 billion, one banking source said. Although at a very preliminary stage, the emergency coal monetisation facility is likely to have a seven to ten year maturity, the banker said.

"This is a massive deal. The RFP (request for proposals) has gone out to everyone," the banker said. "There are lots of ways to structure a deal like this but it could prove tricky, they tried to do a similar deal about 20 years ago."

Eskom spokesperson Andrew Etzinger said: "This is one of the options that we are exploring in terms of the business productivity programme. These initiatives will only be pursued if the terms are appropriate and do not impact existing lender covenants."

Eskom's previous syndicated loan was agreed in December 2009 when it signed a 12-year, 1.185 billion euro (1.59 billion US dollar) export credit agency (ECA) backed loan financing turbines for two power plants. Lenders to that deal were BNP Paribas, Calyon, Societe Generale, Natixis and CIC. (1 US dollar = 0.7467 euro)

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