Syndicate to raise cash for CET

The syndicate comprising Deutsche Bank, Banc Post and EFG-Telsis Fin was chosen to broker the $120 million loans aimed at 22 electrical heating stations (CET) in Romania, Mediafax reports. The money will be used to buy fuel to keep the 22 units running through the winter. The stations are not part of Termoelectrica and fall upon the local authorities. The loan is secured by the State and has aroused a lot of interest among investment banks, with Citibank, JP Morgan, Credit Suisse First Boston or HVB among bidders, the quoted sources said. The money will be raised by mid December and each of the three banks is to decide how much of their own cash to contribute to this loan. The largest credits will be taken by Electrocentrale Oradea, Uzina Termoelectrica Giurgiu, Termoelectrica Ploiesti and CET Govora ($9 million each) and by the stations in Suceava, Brasov and Iasi ($8 million each). ZF