India-based fixed-line telco Tata Communications is reportedly close to agreeing a US$2bn loan to fund its potential bid for UK fibre operator Cable & Wireless Worldwide (CWW).
Citing sources familiar with the situation, Reuters reports that a group of…
India-based fixed-line telco Tata Communications is reportedly close to agreeing a US$2bn loan to fund its potential bid for UK fibre operator Cable & Wireless Worldwide (CWW).
Citing sources familiar with the situation, Reuters reports that a group of four or five banks will be in place as arrangers within the next few days.
Tata’s M&A adviser for the deal, Standard Chartered, is rumoured to have underwritten some of the financing, while ANZ, DBS Bank and the State Bank of India are also expected to give underwritten commitments.
HSBC, ING and RBS are reportedly interested in joining the group of underwriters.
A Tata Communications spokesperson declined to comment on the report.
Rival bidder Vodafone is being advised by UBS.
CWW has mandated Barclays Capital and Rothschild to advise it on the deal.
When Vodafone’s interest in CWW was first reported in February, shareholders were rumoured to be holding out for a price of more than £1bn (US$1.6bn) or more.
