RLPC: Verizon sets pricing on $14B bank loan
NEW YORK, Sept 9
NEW YORK, Sept 9 (Reuters) - Verizon Communications set pricing on the $14 billion bank loan backing its $130 billion acquisition of the 45 percent stake in Verizon Wireless that it does not already own from Vodafone Group Plc, sources told Thomson Reuters LPC.
The loan consists of a $2 billon, 364-day revolver and $12 billion in three-year and five-year term loans.
Pricing on the $6 billion, three-year term loan and $6 billion, five-year term loan is LIB+137.5 and LIB+150, respectively.
The $2 billion, 364-day revolver pays 10bp on undrawn amounts. Drawn pricing on the facility is LIB+125.
The tranches are part of an overall financing package that launched last week. A $49 billion bridge loan that will be refinanced in the bond market rounds out the remainder of the debt financing. Drawn pricing on the bridge loan is LIB+150.
JP Morgan, Morgan Stanley, Barclays and Bank of America Merrill Lynch are joint lead arrangers and joint bookrunners on the financing, which was underwritten equally among the four banks. JP Morgan and Morgan Stanley are global coordinators of the financing. JP Morgan is the administrative agent.
- Six killed, including four children, in Houston-area shooting
- Israel pursues punishing Gaza offensive for a third day |
- Exclusive: Iraq tells U.N. that 'terrorist groups' seized nuclear materials
- Anger mounts as Germany unearths second U.S. spy suspect
- Chinese hackers pursue key data on U.S. workers: NYT