| LONDON, March 8
LONDON, March 8 German insurer Allianz
and Canadian infrastructure investor Borealis are expected to
buy Czech gas transmission system operator Net4Gas from RWE
after being awarded preferred bidder status, banking
German utility RWE put the company up for sale in 2012 as
part of an asset disposal programme.
Both Allianz and Borealis declined to comment on the
A group of 13 banks is lining up a syndicated loan financing
of more than 1 billion euros ($1.3 billion) to back the sale,
the sources said on Friday.
The loan package is expected to be syndicated to a wider
group of lenders, starting in a couple of weeks, one of the
It is expected to include term loans as well as a bridge to
a bond, bankers said previously.
Net4Gas gets supplies of gas from Russia, leading some
lenders to view the deal as Russian risk. While this has
deterred some banks from joining the syndication, the presence
of Allianz is reassuring lenders, bankers said.
Net4Gas operates more than 3,600 kilometres of pipelines,
employs more than 500 staff and accounted for about 11 percent
of RWE's net profit in 2011.