Td Bridge LoanBridge loan Td
LONDON, 25 April (LPC) - US wireless network provider Comcast Corp. said Wednesday that it was supporting its offering for Sky Plc with 23 billion (US$32.06 billion) in credit. Wells Fargo was syndicated by Bank of America Merrill Lynch and Wells Fargo, both serving as the Joint Bookrunner and Arranger.
Up to £16 bn there is one 364bn days bridging loan and up to 7 bn pounds forward uncollateralised credit. It is anticipated that the Bridge Loan will be fully or partially substituted by priority unsecured notes in a tender offer or privately placed transaction. Bridge loan will pay a spread linked to increasing credit rating over a period of times, varying from 75 bp to 200 bp over Libor.
£2.8 billion of the interim loan was pledged by BAML and £2.08 billion by Wells Fargo. The commitments of Credit Suisse, Mizuho Bank, MUFG and SMBC are 1.44 billion each, while BNP Paribas, RBC and TD Bank have each pledged 880 million. Commerzbank, DNB, Societe Generale, PNC Bank and US Bank have each pledged £544 million. Temporary lending, available in US dollar and pound Sterling, consists of a three-year loan of £3 billion and a five-year loan of £4 billion.
Longgterm credit prices are also linked to credit rating, with the three-year credit line providing between 62.5 and 112.5 basis points over Libor and the five-year credit line providing between 75 and 125 basis points over Libor. The BAML commitment was 1.225 billion for the long-term loan, while Wells Fargo pledged 910 million. The Credit Suisse, Mizuho Bank, MUFG and SMBC each pledged £630 million, while BNP Paribas, RBC and TD Bank each pledged £385 million.
Commerzbank, DNB, Societe Generale, PNC Bank and US Bank have each pledged £238m.
Review of international financing
Funded by the European Investment Bank, the Luxembourg Stock Exchange and White and Case, the IFR Global Financial Roundtable greeted a committee of global financial community specialists to debate recent trends in global debt and other financial products, and to sketch out the next moves to be taken as the issue spreads.
The Thomson Reuters IFR's ECM Roundtable 2018 took place on 11 April in London. This was a mesmerizing contemporary debate that addressed general issues of the markets, but in particular was under the hood of dealing managment and strategy, and how to throw deals overboard in the difficult context that had become the year.