ITALY'S CIR SEEKS 200 MLN DLR LOAN FACILITY
Compagnie Industriali Riunite (CIR) has
asked Citicorp Investment Bank Ltd to arrange a 200 mln dlr
syndicated loan facility, which will have a final maturity of
seven years, Citicorp said.
    Continental Illinois Ltd and Dai-Ichi Kangyo Bank Ltd will
be coordinators for the facility, which will be in the name of
CIR International S.A., Luxembourg and guaranteeed by Compagnie
Industriali Riunite SpA.
    Banks will be able to terminate their participation at the
end of year five or year six, subject to four years prior
notice.
    There is an availability period of 12 months during which a
commitment fee of 0.0625 pct per annum is payable on undrawn
amounts. Interest on the drawn loan will be 0.15 pct over the
London Interbank Offered Rate.
    The borrower is the holding company for Carlo di
Benedetti's various companies, which include Ing C. Olivetti EC
SpA.
 REUTER
