Issuer: Seagram
Date: October 1998
Amount: $8.5 billion
Bookrunner: Chase
No-one would expect it to be easy for a company famous for selling whisky and soft drinks to recast itself as a media giant. One small difficulty that Canada’s Seagram encountered last year was the need to raise the money to buy the music company, PolyGram, in one of the most difficult economic environments of recent times. Raising $8.5 billion of acquisition financing last autumn took a certain amount of flexibility (the revolving credit facility consisted of a $6.5
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