Indian telco Tata Communications is reportedly seeking US$2bn in term loans to partly finance a potential bid for UK-based fibre operator Cable & Wireless Worldwide (CWW).
The rest of the proceeds will go towards refinancing existing debt, reported…
Indian telco Tata Communications is reportedly seeking US$2bn in term loans to partly finance a potential bid for UK-based fibre operator Cable & Wireless Worldwide (CWW).
The rest of the proceeds will go towards refinancing existing debt, reported Reuters citing sources.
Standard Chartered, which is advising Tata on a possible cash offer for CWW, will likely play a lead role in arranging the financing, added the report.
Both Standard Chartered and Tata were unable to comment on the speculation.
The UK’s takeover regulations require Tata to declare whether it will submit a bid by 29 March. Separately, British mobile giant Vodafone, which is being advised by UBS on its own possible bid for CWW, has to announce whether it will make an offer by 12 March.
CWW, which is being advised by Barclays Capital and Rothschild, currently has a market cap of around £900m (US$1.43bn), and reports suggest its shareholders are calling for bids in excess of £1bn (US$1.59bn).
