| NEW YORK, Sept 11
NEW YORK, Sept 11 Retail fee details are out on
Verizon Communications Inc's $12 billion in term loans,
The loans consist of a $6 billion, three-year term loan and
a $6 billion, five-year term loan. The loans launched at a bank
meeting this morning.
The company is offering 35bp upfront for commitments of $125
million or greater, and 30bp for commitments under $125 million,
according to sources. The minimum commitment is $25 million.
As previously reported, pricing on the three-year term loan
and five-year term loan is LIB+137.5 and LIB+150, respectively.
Before the bank meeting today, alongside the term loans the
company also was syndicating a $2 billon, 364-day revolver and a
$49 billion bridge to bonds at a co-arranger level.
Drawn pricing on the bridge loan is LIB+150. The revolver
pays 10bp on undrawn amounts. Drawn pricing on the facility is
The loans are part of the $130 billion financing acquisition
of the 45 percent stake in Verizon Wireless that it does not
already own from Vodafone Group Plc. The financing
package launched to top relationship banks last week.
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.