LEUCADIA HAS 50 MLN DLR REVOLVING FACILITY
Leucadia National Corp, a U.S. Financial
services holding company, has received a 50 mln dlr, five-year
revolving underwriting facility (RUF), said Merrill Lynch
Capital Markets as arranger.
    Under terms of the facility, Leucadia may issue euro-notes
in maturities from one to six months, subject to a maximum of
183 days. The method of issuance will be the issuer-set margin
system under which Leucadia will determine the spread over the
London Interbank Offered Rate (LIBOR).
    Leucadia has already established a euro-commercial paper
program for which Merrill acts as dealer.
    The RUF may serve as medium term back-up to the commerical
paper program although the two may be used simultaneously,
Merrill said.
    In addition to issuing euro-notes, Leucdia may also draw
under the RUF by use of a so-called "swing line," which provides
same day availability of funds of up to 25 mln dlrs. Also, the
swing line provides for use of a "spot issuance procedure which
allows the company to borrow up to the full amount of the 50
mln dlrs on two days notice.
 REUTER
