Private equity firm Arcapita has mandated banks to refinance up to £810 million of loans for its Northern Ireland utility Viridian, probably through a high yield bond, sources close to the deal said.

The banks are Deutsche Bank, Royal Bank of Scotland and UBS, one sources said.

Arcapita bought Viridian in 2007, raising £1.9billion of loans via Commerzbank, Barclays Capital, Citi and HSBC. – (Reuters)