|
AT&T, ConocoPhillips and AOL: three companies, three loans, |
NO BANK EXPECTS to get paid 700 basis points for taking on a chunk of an investment-grade loan. Yet that is precisely what happened for some lucky participants in AT&T’s $4 billion 364-day revolving credit completed at the start of October.
It wasn’t planned that way. It started out as a bog-standard deal for a relatively solid triple-B credit. Upfront fees were 100bp over Libor, and only then for the four lead arrangers that had committed $550 million each at the start of the process.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
