Verizon Communications is reportedly trying to refinance credit facilities it agreed last year to fund its US$130bn acquisition of Vodafone’s 45% stake in Verizon Wireless.
The telco has mandated JP Morgan, Citigroup, BofA Merrill Lynch, Barclays,…
Verizon Communications is reportedly trying to refinance credit facilities it agreed last year to fund its US$130bn acquisition of Vodafone’s 45% stake in Verizon Wireless.
The telco has mandated JP Morgan, Citigroup, BofA Merrill Lynch, Barclays, Morgan Stanley and Wells Fargo to secure US$11.3bn in loans, according to sources cited by Thomson Reuters LPC.
Verizon is looking to increase a US$6.2bn revolver to US$8bn and extend the maturity from 2017 to 2018. The expanded revolver will pay 10bps undrawn while Verizon’s rating stay at Baa1/BBB+, and 162.5bps when drawn, the report said.
The telco also wants to amend the terms of a US$3.3bn term loan and pricing is reported to open at Libor plus 125bps.
Verizon declined to comment on the report.
Last autumn Verizon secured US$12bn in loans to repay its US$61bn bridge loan it used to help fund the US$130bn Vodafone deal. The bulk of the bridge was refunded through the sale of US$49bn notes – the largest corporate bond in history.
