Australian investment group &lt;IndustrialEquity Ltd> (IEL) said it will raise 100 mln U.S. Dlrs by the
issue of medium term notes and commercial paper in the U.S.
Domestic market.
    IEL has mandated &lt;Merrill Lynch Capital Markets> to arrange
a letter of credit (LOC) facility in support of the notes and
commercial paper, making this the first facility of its kind,
the company said in a statement.
    The notes will be issued by its &lt;IEL Finance Ltd> unit.
    Merrill Lynch will be the note and paper dealer and
&lt;Sumitomo Trust and Banking Co Ltd> will provide the LOC.
    The term of the LOC is five years with an evergreen feature
which provides for annual reinstatement of the five-year term
at the support banks' option, IEL said.
    The LOC will be underwritten by a group of banks which will
receive a facility fee of 20 basis points plus a utilisation
fee of 25 basis points, it added.
 REUTER
