JPMorgan, Barclays Capital, Credit Suisse First Boston and Royal Bank of Scotland are underwriting €10.2 billion of debt financing for the purchase of Danish phone company TDC, Europe’s biggest ever leveraged buyout.
The financing includes senior term loans of €7.8 billion, a cash bridge facility of €1.1 billion and another €2.27 billion bridge facility expected to be refinanced with high-yield bonds. There is also a €700 million revolving credit facility and a €350 million pay-in-kind loan, where the interest is paid with another loan.
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