Issuer: ELoC 16
Size: £813 million
Type: 30-year bond
Lead manager: Morgan Stanley
The market-leading status of Morgan Stanley’s European Loan Origination Conduit (ELoC) product has enabled the bank to bring the BBC to the bond markets for the first time in the broadcaster’s history.
The BBC, whose on-balance-sheet borrowings from the UK government cannot exceed £200 million ($320 million) under the terms of its Royal Charter, needs the cash to redevelop its central London headquarters, Broadcasting House. After talking to another bank about borrowing bank debt for a PFI/PPP-style deal, the BBC heard Morgan Stanley’s pitch on April 1.
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