That deal included a US$22bn bridge loan, while a separate US$6.75bn equity bridge loan was held by the underwriting banks.
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Along with Bristol Myers' US$33.5bn bridge loan for Celgene, this is the second mega-bridge loan in the healthcare sector in 2019.
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The fully underwritten 364-day bridge loan backing the acquisition is the fourth-largest US dollar bridge loan on record, according to LPC, a unit of Refinitiv.
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Verizon Communications' US$61bn bridge loan in 2013 to acquire the stake in Verizon Wireless it didn't already own from Vodafone is the second-biggest such deal globally and the largest US bridge loan.
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The company raised earlier this year a $3 billion bridge loan.
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We need a short-term bridge loan to weather the storm.
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There's a $2.8 billion bridge loan from Singapore-based DBS Bank.
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It also announced a new bridge loan agreement with various banks.
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Once a homeowner is approved for a bridge loan from any lender, and is working with a Compass agent to sell the current property, the homeowner can apply, through Compass, to have the bridge loan costs funded.
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A US$4.1bn, 90-day senior unsecured bridge loan was not syndicated.
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It will receive 25 billion yen in a bridge loan on Sept.
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BAML committed £20.7174bn of the bridge loan while Wells Fargo committed £2.08bn.
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A third source said Farallon had extended the bridge loan, declining to elaborate.
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Comcast already has a $13 billion bridge loan to finance its Sky offer.
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Reckitt said previously that it expects to refinance the bridge loan through bonds.
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The shipping line said it would finance the deal with a bridge loan.
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Behle said without the bridge loan, passengers would be stranded and jobs endangered.
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There is also a US$530m bridge loan, which will pay 275bp over Euribor.
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Part of that financing will be used to refinance £94.6bn of April's bridge loan.
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The German government said it had provided a bridge loan of 150 million euros.
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The $74-billion deal, worth $90 billion with Celgene's debt incorporated, is the largest healthcare acquisition on record, and will be financed in part by a $33.5-billion bridge loan, the second largest ever U.S. healthcare bridge loan, according to Refinitiv data.
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It also included a one-year €1.5bn and £300m first lien bridge loan paying initial margins of 325bp over Euribor and 333bp over Libor, and a one-year US$1.275bn second lien bridge loan paying an initial margin of 375bp over Libor.
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The debt also included a US$20.2bn non-recourse bridge loan at the Syngenta level.
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Astaldi, which is focusing on securing a bridge loan to stay afloat, has until Dec.
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They offer Richie a bridge loan to tide American Century over during this rough time.
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Abbott financed the Alere transaction with a US$9bn bridge loan that closed in February.
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It also should include more bridge loan money for small businesses facing closure, he said.
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The bridge loan might be swapped by a large-sized term loan A (TLA) component that would come on the heels of the US$8bn in TLAs that partially took out the Bristol-Myers bridge loan, and evidenced the market's newfound enthusiasm for funded paper.
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Other sizeable acquisition in the year included Royal Dutch Shell's £10.07bn (US$39.53bn)bridge loan for its acquisition of BG Group in May, and a 6.8bn (US$7.41bn) bridge loan in April that backed state-owned chemical firm ChemChina's buyout of Italian tyre company Pirelli.
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A US$18bn bridge loan backing Dublin-based rare disease drugmaker Shire's US$32bn merger with US peer Baxalta and a US$13.1bn bridge loan that funded French yoghurt maker Danone's acquisition of US organic foods producer WhiteWave Foods were both quickly refinanced with bonds.
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On maturity, the outstanding bridge loan will term out into an eight-year unsecured term loan.
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NEW YORK, June 21 (Reuters) - A bridge loan for up to US$13.7bn to back Amazon.
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Manafort's spokesperson, Jason Maloni, said the loan was only meant to serve as a bridge loan.
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AT&T has an 18-month commitment for an unsecured bridge loan representing about $40 billion.
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PIF plans to borrow at least another $8 billion later this year via a bridge loan.
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The carrier will need a bridge loan of around 500 million euros, several newspapers reported on Saturday.
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Those costs, including advisory and bridge loan fees, came to 10.6 billion yen in the first quarter.
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Condor, a German subsidiary airline, is poised to get an emergency bridge loan from Germany's Hesse state.
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There is an up to £16bn unsecured bridge loan and an up to £7bn unsecured term loan.
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It could see its notes claimed by the four banks if the bridge loan is not repaid.
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Bristol-Myers took on an US$8bn term loan to quickly reduce its US$33.5bn bridge loan.
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The Sinyavers qualified for a bridge loan, offered $3 million for the house and arrived in August.
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Disney has a bridge loan for up to $35.7 billion and Conagra this week announced a US$1.3bn term loan that reduced the commitments under its US$9bn 364-day bridge loan, all of which the loan and bond markets are expected to absorb easily despite the volatility.
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The cash portion would be financed through new and existing credit facilities and a bridge loan, Fagerhult said.
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The financing comprised a €3bn three-year term loan and a €153bn up to two-year bridge loan.
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A dozen banks provided the $100 billion bridge loan for the Broadcom/Qualcomm deal, which ultimately fell through.
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ANZ and Standard Chartered are providing the one-year bridge loan to Shanghai Fosun, Thomson Reuters LPC reported.
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Banks will earn about US$25m in fees for arranging the bridge loan, according to Freeman Consulting Services.
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Air Berlin said its flights were continuing and the German government was supporting it with a bridge loan.
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But it had not been able to get the bridge loan, making the bankruptcy process its only choice.
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"Without a bridge loan to get through this, I don't think we can survive the crisis," he said.
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The company's bridge loan also came from a Chinese bank to finance a dividend to shareholders, sources said.
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A bridge loan has been extended until October 21 and Fosun has also extended a short-term loan.
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GSP needs $203 million to repay a bridge loan used for building the pipeline, one of the people added.
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The US$8bn Term Loan B and US$5.5bn bond bridge loan are currently being shown to large investors.
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Collings barely managed to avoid laying off her own staff in Canada by acquiring a last-minute bridge loan.
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Di Maio said Ilva would not need a bridge loan to cover its production costs in the coming months.
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HKEX raised a £543m one-year bridge loan via Deutsche Bank, HSBC and UBS to fund the LME acquisition.
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Goldman Sachs will lead the term loan and Barclays will lead the bridge loan and eventual bond, they said.
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Rick Scott did activate Florida's Small Business Emergency Bridge Loan Program for businesses impacted by the red tide outbreak.
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Notably Softbank is also entering into a bridge loan deal for up to 1 trillion yen to finance the acquisition.
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The Secretariat asked the IOR for a short-term bridge loan of about 150 million euros but the IOR refused.
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MILAN (Reuters) - Four banks are putting together a bridge loan of around 20203 billion euros ($12 billion) for Atlantia's (ATL.
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That financing package includes a bridge loan of almost $31 billion from lenders including Sumitomo Mitsui Banking Corp and MUFG.
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It also granted Alitalia a bridge loan of 900 million euros ($493 billion) to keep it afloat in the meantime.
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In February, sources told Reuters SABIC had recently secured a $3 billion bridge loan to meet its ongoing financial requirements.
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The proceeds will refinance a US$2.5bn bridge loan that was used to fund the purchase of Sun Products Corp.
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The report added that a new bridge loan from the Italian government might then be necessary to keep Alitalia operating.
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Berli Jucker already has the support of around a dozen banks for a 28.61-month US$22013bn-$22013bn bridge loan.
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The largest loan agreed in CEEMEA in 2019 was the US$10bn bridge loan for Saudi Arabia's Public Investment Fund.
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Varde is looking at issuing bonds or a bridge loan to fund the stake purchase, one of the sources said.
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There is an up to £2238bn 212.50-day unsecured bridge loan and an up to £223bn of unsecured term loans.
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The bridge loan pays a margin tied to ratings stepping up over time, ranging from 222bp to 21bp over Libor.
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Alitalia must pay back the Italian state almost 1 billion euros in a bridge loan and related interest by mid-December.
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Proceeds refinanced a US$299.875m one-year bridge loan that backed the purchase of a 25.348% stake in India's Gland Pharma.
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General Mills' US$8bn acquisition of Blue Buffalo Pet Products is also backed by a bridge loan provided by Goldman Sachs.
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Mr Son has topped up ¥2.3 trillion ($21.7 billion) of cash with a bridge loan of ¥1 trillion to buy ARM.
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The company was forced to raise an emergency 20bn one-year bridge loan in December as a stop-gap financing measure.
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The current bridge loan was arranged by banks including JP Morgan, Citigroup, HSBC, Kuwait Finance House and National Bank of Kuwait.
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Condor, the firm's German carrier, will receive an emergency bridge loan from the German government to keep flying, the AFP reported.
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In just under two weeks, Bristol-Myers Squibb Co announced it was buying Celgene Corp for US$22013bn, supported by a US$33.5bn bridge loan that is the sixth-biggest bridge loan on record, and drugmaker Eli Lilly and Co said it will purchase Loxo Oncology for US$8bn in a deal backed by cash and debt.
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This trend is a primary reason why bridge loan fees have declined at a sharper pace than volumes in the last year.
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The fact that AT&T has obtained an underwritten bridge loan is a good sign for loan volume, the two bankers said.
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Scientific instrument maker Thermo Fisher is buying drug maker Patheon NV, supported by a bridge loan for about US$7.3bn, bankers said.
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Bridge loan volume in that time was down 21% to US$53bn compared with US$67bn at the same time last year.
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Takeda, which had a market value of roughly $31 billion, has secured a $30.9 billion bridge loan to help finance the acquisition.
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Of the $40 billion bridge loan supporting the deal, JPMorgan is providing $25 billion, while Bank of America is offering $15 billion.
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SPIC closed a $2.5bn-equivalent 12-month bridge loan at the end of January for the Pacific Hydro acquisition from IFM Investors Ltd.
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A one-year bridge loan comprises two £392.5m-equivalent tranches in euros and US dollars paying 650bp over Euribor and 562.5bp Libor, respectively.
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Faraday Future will receive a bridge loan from Evergrande to "overcome [the startup's] cash flow difficulties," spokesperson John Schilling said in an email.
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It said it would not be drawing upon a 1.2 billion euro bridge loan obtained early in 2016 from a pool of banks.
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Flynn-On april 3, deerfield partners, affiliates acquired $212.7 million senior debt position, including the bridge loan debt of Adeptus Health * James e.
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MORE TO COME AT&T's new bridge loan pays a margin ranging between 75 basis points and 150 basis points, based on ratings.
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Any extension to the bridge loan deadline may irk the European Commission, which has already been looking into whether it constituted state aid.
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Digital Realty said it had a fully committed bridge loan facility from Bank of America/Merrill Lynch and Citigroup to finance the deal.
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Rome also threw the airline a short-term lifeline with a bridge loan of 600 million euros to see it through the process.
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Digital Realty said it had a fully committed bridge loan facility from BofA Merrill Lynch and Citigroup to finance the DuPont Fabros deal.
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Proceeds from the bond will be used to refinance the bridge loan Superior Industries took out to acquire Germany-based automotive parts company Uniwheels.
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Becton Dickinson then piled in with the April 24 news of its acquisition of C R Bard, backed by the US$103bn bridge loan.
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Britain's biggest domestic airline agreed to sell some assets and got a revised bridge loan in relation to a takeover offer by a consortium.
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"The Chinese side would like to raise a bridge loan and then replace it with financing from Chinese banks on better terms," Kostin said.
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The term loan portion of the bridge loan has been absorbed by the two lead banks and will not be syndicated, according to sources.
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Loan investors will earn a commitment fee on the bridge loan and a ticking fee on the Term Loan B before the deal closes.
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DE with a 150 million euro ($180.5 million) bridge loan before the European Commission has given its approval, the Berlin court said on Tuesday.
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German drug and chemical company Bayer backed its takeover of US seed company Monsanto with a US$57bn bridge loan, the third-biggest loan.
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The financing is intended to be a two-day bridge loan that will permit mortgage investors to meet payments to banks and other lenders.
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That is despite the rich valuation of around 20133 times core earnings for the target business, putting the bridge loan at around 22013x earnings.
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Pritchard said James Biden arranged a bridge loan to Americore via his business partner Michael Lewitt's hedge fund, the Third Friday Total Return Fund.
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The bridge loan is expected to be replaced, in whole or in part, by senior unsecured bonds in a public offering or private placement.
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The senior tranche will be worth 416 million euros and will be financed either through a bridge loan or a private placement, the sources said.
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With primary markets on fire in recent years, companies have taken out the bridge loan with a bond issue within months of announcing an acquisition.
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Abbott's new loan will bring bridge loan volume to US$229bn early in the second quarter of 22018, surpassing the US$28.7bn seen last quarter.
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The Italian government has thrown the airline a short-term lifeline with a bridge loan of 600 million euros to see it through the process.
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N) has launched a $250 billion bridge loan to support the pending bond issuance for its acquisition of a majority stake in Thomson Reuters' (TRI.
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Drug distribution company Cardinal Health had a bridge loan of the same amount to support its US$6.1bn purchase of Medtronic Plc's medical supplies units.
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But Pritchard said he learned that after Americore received the bridge loan, it made a six-figure loan to James Biden for his personal use.
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Abbott's new loan will bring bridge loan volume to US$278.44bn early in the second quarter of 221, surpassing the US$0.8708bn seen last quarter.
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Italy on Friday extended a bridge loan for airline Alitalia, which is in special administration as state commissioners seek to sell, overhaul or liquidate the carrier.
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Pampa could tap the bank market for a bridge loan in the interim, giving it some flexibility on any possible take-out in the bond markets.
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It said, though, that it was considering providing a bridge loan to Niki and that it had "very good" discussions with the finance minister about it.
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The Saudi Electricity deal could replace the total amount of the bridge loan, although the final size will also depend on pricing terms, said the sources.
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Volkswagen raised an emergency 20bn one-year bridge loan in December 2015 as a stop-gap financing measure, which was extended last November until June 2017.
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The loan will be lucrative for banks, led by Bank of America Merrill Lynch (BAML) and JP Morgan (JPM), that are arranging the jumbo bridge loan.
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In March, French insurer AXA Group backed its US$15.3bn cash acquisition of global property and casualty insurer XL Group with a €9bn backup bridge loan.
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In April, GlaxoSmithKline (GSK) completed a US$12.9bn-equivalent bridge loan backing its US$13bn buyout of Novartis' 36.5% stake in its consumer healthcare joint venture.
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Dermapharm plans to use proceeds from its IPO to set up a new manufacturing site in Austria and partially refinance a bridge loan among other uses.
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Atlante had expressed "deep reservations" over the terms of a bridge loan that Monte dei Paschi had secured as part of the sale of bad loans.
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KEY RATING DRIVERS Trinity intends to use the net proceeds of the offering, together with existing cash resources, to repay amounts under WLTW's bridge-loan facility.
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In September, London Stock Exchange closed a US$13.2bn-equivalent bridge loan backing its acquisition of data and analytics company Refinitiv, the parent company of LPC.
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SoftBank has also secured a 1 trillion yen ($9.42 billion) bridge loan from Mizuho Bank to finance part of the ARM purchase, it said on Monday.
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In January, the two banks provided a US$33.5bn bridge loan to support drugmaker Bristol-Myers Squibb Co's US$74bn purchase of biopharmaceutical company Celgene Corp.
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They refused to agree to a sale until that was done (Essar repaid in part by taking out a bridge loan from Vneshtorgbank, a big Russian lender).
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According to three sources, Tsinghua has already locked in a deal with four banks for a 33 billion euro ($1.75 billion) bridge loan to fund the transaction.
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"Analog is the first bridge loan for a high grade company to get a poor reception from the market for a long time," a senior banker said.
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"Currently, neither the bridge-loan nor the equity portion are supported by binding commitments; any other coverage of operational funding requirements has not been clarified," Osram said.
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City officials have told New Jersey regulators they will miss a Monday deadline to meet conditions of an August agreement to secure a $2900 million bridge loan.
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The source also said that Mediobanca, JPMorgan , Credit Suisse and HSBC had arranged a 4.7 billion euro bridge loan for the Tuscan bank's planned bad loan sale.
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But in a statement on Monday, Quaestio, the manager of the Atlante fund, said it had decided to approve the term sheet for the senior bridge loan.
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Short term financing in the form of a bridge loan could yield $100 million in fees, the lion's share going to Bank of America and Wells Fargo.
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The Chamber asked the Senate to build on the relief for small businesses with relief for larger employers — but with less generous terms — through a bridge loan.
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AMS needs the proceeds to partly repay a 4.4 billion euro bridge loan, which AMS raised from HSBC, UBS and Bank of America for the Osram buy.
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The new loan comes on top of a 900-million-euro bridge loan given by Rome to Alitalia in 2017 and which is also under EU investigation.
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"(Quaestio)... has agreed to approve the Term Sheet for the senior bridge loan as agreed with the financing banks," the investor, private bank rescue fund Atlante, said.
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ChemChina is inviting banks to join a bridge loan of as much as $25 billion, according a report from Bloomberg News citing people with knowledge of the matter.
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The sums advanced are a kind of bridge loan to cover costs of the labor-intensive legal tasks like finding and reviewing documents, interviewing witnesses, or hiring experts.
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The ministry said on that occasion a decree would be approved shortly to extend the sales process and repayment of the bridge loan beyond an April 30 deadline.
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A group of 19 banks participated in the bridge loan, including Asian lenders and BNP Paribas, HSBC, JPMorgan, Standard Chartered, Citibank, First Abu Dhabi Bank and ING Bank.
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Rival German airline Germania on Tuesday asked a Berlin court to block the bridge loan until the European Commission has given its go-ahead for such state aid.
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The 18-month bridge loan is expected to be split between a $30 billion commitment to issue bonds and $10 billion of term loan commitments, banking sources said.
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This thought process may be behind why AT&T has taken a 18-month bridge loan - slightly longer than the more usual 12-month period for such facilities.
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Rival German airline Germania on Tuesday asked a Berlin court to block the bridge loan until the European Commission had given its go-ahead for such state aid.
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Eventually Zadeh secured a bridge loan to secure a larger space for her gym in the Gowanus section of Brooklyn, a once gritty area that is now booming.
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French advertising agency Publicis closed syndication of a bridge loan and term loan in May backing its US$4.4bn acquisition of US-based data marketing platform company Epsilon.
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In August, LSE agreed to buy Refinitiv in a US$27bn deal and is raising a US$13.5bn bridge loan underwritten by Barclays, Goldman Sachs and Morgan Stanley.
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Barclays, Goldman Sachs and Morgan Stanley have underwritten the bridge loan supporting the US$27bn acquisition, which is due to wrap up syndication next week, the sources said.
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The companies are also jointly seeking to raise $8 billion via a bridge loan for the RAPID project, Project Finance International, owned by Thomson Reuters, reported last week.
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Morgan Stanley and MUFG in January 083 provided a US$33.5bn bridge loan to support drugmaker Bristol-Myers Squibb Co's US$74bn purchase of biopharmaceutical company Celgene Corp.
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French industrial gases group Air Liquide also added to the late year M&A push, signing a US$12bn bridge loan backing its acquisition of US peer Airgas.
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Last month, sources familiar with the matter said VW had agreed a 20 billion euro bridge loan with 13 banks to help shoulder the costs of the scandal.
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SoftBank plans to finance its largest acquisition with ¥2.3trn (£16.3bn) of cash on hand and a ¥1trn (£7.1bn) bridge loan from Mizuho, according to a conference call on Monday.
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State-backed Innovation Network Corporation of Japan will provide a 152 billion yen refinancing package, as well as a bridge loan to tide it over until the deal closes.
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The new loan includes the refinancing of an existing facility of more than $1 billion and a bridge loan for the remainder, one source familiar with the matter said.
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Qualcomm is in the market with a $249 billion three-year term loan to partially replace the loan component of an originally $22013 billion bridge loan backing the acquisition.
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Ilva has set up favourable conditions to attract bidders, laying off 4,000 staff, and obtaining a 1.1 billion euro ($1.23 billion) bridge loan to finance an environmental clean-up.
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The strong M&A lending numbers are all the more remarkable as they do not include a record US$100bn bridge loan that backed chipmaker Broadcom's takeover of Qualcomm.
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Lead banks began marketing the US$8bn-equivalent in TLBs and a US$2.53bn-equivalent bridge loan to large institutional investors in late June, as previously reported by LPC.
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Omantel financed the deal with a combination of long-term and bridge loan facilities, led by the same group of banks that is now arranging fixed income investor meetings.
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Amazon will finance its acquisition with debt, including a bridge loan financed by Goldman Sachs and Bank of America, the company said in a filing with US securities regulators.
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The 2135-month bridge loan is expected to be split between a $2181 billion commitment to issue bonds and $22015 billion of term loan commitments, a banking source said.
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The financings include a US$30bn recourse loan for ChemChina, which has been underwritten by China Citic Bank International, and a US$20.2bn non-recourse bridge loan for Syngenta.
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Bank of America Merrill Lynch (BAML), Deutsche Bank, Barclays, Bank of Montreal, Citigroup and Credit Suisse have signed on to the 364-day unsecured bridge loan, the sources said.
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In January last year, Renesas Electronics completed a ¥897bn financing to take out a bridge loan backing its US$6.7bn acquisition of US chip-design firm Integrated Device Technology.
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VTB is subject to sanctions, and the sources said the FSC investigated the Russian bank's role, but concluded that the bridge loan arrangement did not make the transaction illegal.
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In December, Volkswagen agreed a 20bn bridge loan in December to help shore up its financing and pay the costs of the emissions scandal that has rocked the company.
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This was despite the ready availability of bridge loan financing and quick and cheap refinancing through the bond market, buoyed by the European Central Bank's corporate bond buying programme.
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Italy has kept the bankrupt airline running with a 900-million-euro ($1.1 billion) bridge loan, but Alitalia lost 167 million euros before interest and taxes in the first quarter.
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Rome also threw the airline a short-term lifeline by guaranteeing a bridge loan of 600 million euros ($655 million) for six months to see it through the bankruptcy process.
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The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel.
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Two days ago Europe's antitrust said it had launched a procedure to see if the 900 million euro ($1.1 billion) bridge loan Rome granted the struggling airline constituted state aid.
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Comcast said it had secured a bridge loan of up to 16 billion pounds and a term loan credit agreement of up to 7 billion pounds to fund the deal.
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Saudi Electricity, which did not immediately respond to requests for comment, raised the bridge loan for general corporate purposes and to back its capital expenditure programme, it said in January.
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No other company was bidding to buy SolarCity, and according to internal emails, it was also struggling to find financing for a $200 million bridge loan that it needed immediately.
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The company plans to hire Deutsche Bank, Citigroup, ICBC and Banco Galicia to lead the bond sale, which will refinance a US$700m bridge loan extended by the same lenders.
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Bottom line US lawmakers have reached an agreement on what is, for all intents and purposes, a months-long bridge loan from the federal government to the entire US economy.
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Takeda said $30.1 billion in bridge loan financing would be replaced with a combination of long-term debt, hybrid capital and available cash ahead of completion, without providing a breakdown.
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The bridge loan for Dhanin's CP Group will set a record in Thailand, trumping Berli Jucker's US$25.5bn-equivalent financing for its purchase of Big C hypermarkets in March 215.6.
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In June 2012, HKEx raised a £553m (US$843m then) one-year bridge loan via Deutsche Bank, HSBC and UBS to fund its £1.4bn purchase of the London Metals Exchange.
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The government is also thinking of giving Ilva a bridge loan to allow the steelmaker, the largest in Europe, to cover its production costs in the coming months, the sources said.
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CLI also obtained a $12 million bridge loan from U.S.-based Farallon Capital Management, with which it prepaid mandatory capital expenditure and eliminated near-term financing risks, the second person said.
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Immofinanz said it would fund 200 million euros of the stake purchase price in cash, 300 million through the issuance of a convertible bond and 100 million via a bridge loan.
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A source, familiar with the arrangement, said J.P. Morgan and Banca IMI would be lead managers of the pending bond, while Bank of China will participate only in the bridge loan.
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The proceeds from the bonds will be used to repay a bridge loan used to acquire a 15 percent stake in the Vankor oilfield in Russia from Rosneft for $1.3 billion.
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To help finance its initial deal, Adeptio aimed to secure a $1.5 billion bridge loan from a group of banks including Standard Chartered, Credit Suisse, Emirates NBD and First Gulf Bank.
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Refinitiv's new bridge loan will refinance the leveraged loans and bonds that supported the US$20.8972bn acquisition of a majority stake in Refinitiv ten months ago by a Blackstone-led consortium.
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If there is an initial bridge loan of around US$20143bn, upfront fees to arranging banks would be at least US$100m - and possibly much more, according to Freeman Consulting Services.
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Earlier in the year, a US$100bn bridge loan for Broadcom – the biggest loan ever assembled – was canceled after President Trump blocked the chipmaker's takeover of Qualcomm over national security concerns.
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The bridge loan is intended to be taken out entirely by bonds, but not until the fourth-quarter of next year, or even the first-quarter of 2021, LPC reported previously.
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Since the Russian government wanted to close the deal before the end of 2016, Russian state lender VTB provided a bridge loan while the buyers waited for the money from Intesa.
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The European Union is set to open a formal probe into a 225-million-euro bridge loan given to the troubled airliner by the Italian government, la Repubblica newspaper said on Saturday.
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Debt investors had initially anticipated a jumbo bond to take out the bridge loan, but a representative of SoftBank said this was not imminent, in response to a question on the call.
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It is largely a bridge loan designed to fund Uber's steep cash burn until its planned 26 IPO, and also required investors to get comfortable with unusual credit metrics, including negative Ebitda.
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AT&T's deal is the second biggest bridge loan globally after a $56.9 billion deal backing German chemical company Bayer's $66 billion acquisition of U.S. seed firm Monsanto which has been allocated.
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The syndicated bridge loan will provide the fund with short-term funding for new investments and would be repaid after the sale of SABIC is completed, the PIF said in the statement.
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The largest investment-grade M&A loan of the third quarter was German healthcare group Fresenius's US$4.2bn, 18-month bridge loan backing its US$4.75bn acquisition of US generic drugmaker Akorn.
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Playtika, which operates apps including poker and solitaire, launched a US$2.5bn term loan to refinance an existing bridge loan on November 13, according to four people with knowledge of the transaction.
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German drug and crop chemical group Bayer financed its agreed US$66bn acquisition of US-based Monsanto with a US$1953bn bridge loan, which was the largest EMEA loan of the year.
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Many investors have been lukewarm on the Shire deal because of the debt Takeda is taking on and uncertainty over how it will convert a $31 billion bridge loan into long-term financing.
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The flavours and fragrances group said it aimed to raise up to 400 million euros by offering new shares and use the proceeds for partially refinancing a bridge loan used for several acquisitions.
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That loan far surpasses the second-biggest bridge loan, a $49 billion facility, which was put in place in 2017 to back pharmacy chain CVS Health Corp's acquisition of health insurer Aetna Inc.
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Monte dei Paschi is now awaiting the outcome of a similar review by JPMorgan, which has pledged to provide a 5 billion euro bridge loan to buy time to arrange the state guarantee.
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She spends all of 2010 securing the financing, which came down to the wire, and ultimately required a $500,0003 bridge loan from a local real estate magnate whom the Sanders' are close with.
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GoDaddy, a U.S.-based website domain name provider, said it planned to use the proceeds of the sale as well as some cash on hand to repay its 500 million euro bridge loan.
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Tabreed, which provides cooling for buildings and other infrastructure, in 2010 received a $354 million bridge loan from Mubadala to cover its financing needs as it reeled from the property crisis in 2009.
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The payments were made on their Monday due date, Guardian said in a statement, even though the city has not yet received money from a $73 million bridge loan agreement with the state.
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SAO PAULO, Jan 4 (Reuters) - Brazilian development bank BNDES has called guarantees on a 796.4 million reais ($247.6 million) bridge loan to a subsidiary of logistics operator TPI Triunfo Participações e Investimentos SA .
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It has offered to arrange a 6 billion euro syndicated bridge loan to help Monte dei Paschi gain breathing space to engineer the securitization of its bad loans while seeking to raise cash.
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The German government stepped in with a 150 million euro ($185.96 million) bridge loan to keep Air Berlin's planes flying and prevent thousands of travelers from being stranded while it sought a buyer.
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Any transaction will likely be sizeable given that the automaker needs to start repaying a 20bn bridge loan it raised from 13 banks to help it shoulder the costs of its emissions scandal.
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AbbVie has said it intends to refinance the bridge loan through a permanent financing comprising unsecured bonds and a new term loan, according to a filing with the US Securities and Exchange Commission.
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Now, as I explain in my latest column, the idea for a multitrillion-dollar "bridge loan" for everyone — rather than industry-specific bailouts — seems like the cleanest way to keep companies in business.
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As part of its own rescue plan, Monte dei Paschi has taken out a 4.7 billion euro bridge loan with JPMorgan, Mediobanca, Credit Suisse and HSBC, said another source, familiar with the loan.
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Venture Global separately said it entered into a $220 million bridge loan facility with Morgan Stanley Senior Funding and associated lenders to finalize engineering work and commence site construction activity for the project.
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A $8 billion-equivalent Term Loan B is being shown to large institutional investors before an expected September launch, and a $303 billion bridge loan to high-yield bond issues has also been launched.
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US medical supplier Becton Dickinson's US$15.7bn bridge loan to buy medical technology company C R Bard, this year's largest US bridge financing, is an example of the quicker turnaround to longer-term debt.
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ROME (Reuters) - A cabinet meeting has been called Thursday to approve a delay in the sales process of flagship carrier Alitalia and the repayment of a bridge loan, two government sources said on Wednesday.
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The largest ever US bridge loan for a blue chip company is still the $61 billion facility arranged in 2013 for Verizon Communications Inc's buyout of Vodafone Group's stake in Verizon's US wireless business.
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Technology conglomerate Tsinghua Unigroup wrapped up a €3.073bn (US$1.75bn) 12-month bridge loan in July to finance its Linxens acquisition via Credit Suisse, Deutsche Bank, Industrial and Commercial Bank of China and Natixis.
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ROME, Oct 17 (Reuters) - The Italian government decided on Thursday to give Alitalia a new bridge loan of 350 million euros ($389.24 million) for six months, according to a draft decree seen by Reuters.
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The Italian government is set to give a new bridge loan worth 350 million euros to troubled carrier Alitalia to keep it afloat until a rescue plan is finalised, Il Sole 24 Ore said.
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The financing comprises a US$4bn secured revolving credit facility (RCF), a US$7bn secured term loan B, a US$19bn two-year secured bridge loan and an US$8bn unsecured high-yield bridge.
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EQUATE originally raised a $6 billion bridge loan in December to buy MEGlobal from Dow and PIC, part of state-run Kuwait Petroleum, for $3.2 billion, and to refinance some of EQUATE's existing debt.
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The new $2100 billion bridge loan backing the deal is being welcomed by bankers after a deep slump in investment-grade M&A lending in the first nine months of the year, bankers said.
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The take-out strategy of the bridge loan could consist of a term loan or a combination of loans and bonds in the spirit of financing backing Bristol-Myers' US$74bn purchase of Celgene.
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Early indications point to strong interest from other lenders, including a large group of banks that provided a US$212–$24bn bridge loan backing an unsuccessful bid by beer magnate Charoen Sirivadhanabhakdi's TCC Group.
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Five months later, in June, the joint venture scored again with a fully underwritten US$38bn 230.45-day bridge loan backing US biopharmaceutical company AbbVie Inc's US$22018bn acquisition of Botox-maker Allergan plc.
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The purchase will be financed with existing cash as well as a $4 billion bridge loan and a $2.3 billion term loan provided by Bank of America Merrill Lynch, BNP Paribas Fortis and Deutsche Bank.
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Atlantic City is facing a possible state takeover if it cannot soon craft a financial recovery plan, and last week it violated one of the terms of a $73 million bridge loan from the state.
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CP All's purchase of wholesaler Siam Makro in June 2013 came with a US$5.88bn 12-month bridge loan, which was subsequently refinanced through a term loan of slightly over US$4bn in January 2014.
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The German government had been expecting to use the sale proceeds as repayment for a 150 million euro bridge loan it awarded to Air Berlin to keep it flying after it filed for insolvency protection.
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Five months later, in June, Morgan Stanley and MUFG scored again with a fully underwritten US$38bn 364-day bridge loan backing US biopharmaceutical company AbbVie Inc's US$63bn acquisition of Botox-maker Allergan plc.
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ANNOUNCES ACQUISITION OF A STUDENT HOUSING COMMUNITY IN COLLEGE STATION, TEXAS * PREFERRED APARTMENT COMMUNITIES INC - FINANCED ACQUISITION UTILIZING A NON-RECOURSE FIRST MORTGAGE BRIDGE LOAN FROM MACQUARIE GROUP Source text for Eikon: Further company coverage:
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In legislation signed by Governor Chris Christie in May, the state committed to helping the city by providing a bridge loan while local officials devise a financial recovery plan by November, or else face state takeover.
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This week, it was revealed that HNA's Hong Kong-listed subsidiary, HNA Holding - part-owned by the offshore unit - has also asked its banks to extend a $448 million one-year bridge loan due on Friday.
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The company plans to hire Deutsche Bank, Citigroup, ICBC and Banco Galicia to lead the bond sale, which will refinance a US$700m bridge loan extended by the same lenders, Pampa chairman Marcelo Mindlin told IFR.
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Only the $49 billion bridge loan backing Verizon Communications' purchase in 2013 of British telecom Vodafone Groups stake in its US wireless business tops the expected AT&T/Time Warner bridge in the U.S. loan market.
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Lead banks JP Morgan, Bank of America Merrill Lynch and Citigroup launched Thomson Reuters' financing, which comprises a US$255bn Term Loan B and a US$5.5bn bridge loan, to large institutional investors in late June.
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Wolford agreed an extension of its credit lines until the end of June next year and was granted a bridge loan of up to 10 million euros in July to cover its peak seasonal liquidity requirements.
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Tyson Foods is buying packaged sandwich supplier AdvancePierre for US$4.2bn including debt, as a way to grow its prepared foods business, entering the agreement with US$4.5bn of commitments under a 364-day bridge loan.
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Areva shares were suspended Thursday after management delayed publication of results to account for the arrangement of an emergency 1.1 billion euro bridge loan, needed to meet a 975 million euro bond repayment due Sept. 23.
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Agrochemical related M&A had already featured in 2016 after China National Chemical Corp backed its acquisition of Swiss seeds and pesticides company Syngenta with a US$20.2bn non-recourse bridge loan, which closed in April.
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Phoenix is financing the ESL acquisition through the issuance of GBP194m of new equity and via a bridge loan facility of up to GBP220m, which Phoenix plans to repay within six month of the ESL acquisition.
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ROME, Dec 7 (Reuters) - Italy's government will extend to the end of June the deadline for Alitalia to repay a 900 million euro ($1 billion) bridge loan, Italy's Deputy Prime Minister Luigi Di Maio said on Friday.
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The Bristol-Myers bridge loan, for example, which is evenly split between Morgan Stanley and MUFG, will earn the arranging banks an estimated total US$110.3m in fees for underwriting the financing, according to Refinitiv's Deals Intelligence.
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AXA did not intend to use the bridge loan, planning to finance the acquisition with around €3.5bn of cash on hand, around €6bn from a planned US IPO and related transactions and around €3bn of subordinated debt.
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Similar to startups that often raise a small seed round or bridge loan to support initial growth, a cash infusion through an easy revenue stream like ad revenue can foot the bill to build smart-city infrastructure.
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The US$13.5bn bridge loan for investment-grade rated LSE was expected to refinance the US$13.5bn leveraged loan and high-yield bond financing that was put in place last year to finance Blackstone's acquisition of Refinitiv.
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LONDON, Aug 27 (LPC) - A select group of relationship banks are being offered US$1bn tickets in a US$13.5bn bridge loan backing the acquisition of Refinitiv by London Stock Exchange Group, banking sources said on Tuesday.
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In 2010, Parnas solicited a $350,000 bridge loan from an investor for the financing of a movie, "Anatomy of an Assassin," that never got made, and then failed to pay the money back, according to court records.
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The European Commission will not have to approve the bridge loan for the carrier because the state will lend money to the Alitalia at market conditions, without triggering state aid rules, Il Sole 24 Ore reported on Saturday.
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A US$8bn-equivalent term loan B is being shown to large institutional investors before an expected September launch, and a US$13bn bridge loan to high-yield bond issues was also launched at the end of June.
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Takeda, which has a market value of around $32 billion, has secured a $30.9 billion bridge loan to help finance the Shire acquisition and some investors are concerned as to how well it will cope with debt repayments.
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The US$7.5bn syndicated financing consisted of a US$2.5bn three-year term loan, a US$2.5bn five-year term loan, a US$2.5bn 20173-day bridge loan to capital markets issues and a US$1bn revolving credit.
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"We anticipate that the bridge loan agreement with the state will be completed in short order and the funding required by the act will be put in place to cover operational expenses of the city," the statement said.
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"Banks already participated in the (PIF) term loan, so they're hesitant to also participate in the bridge loan if it's not at commercial terms and more about relationship lending," said another banker who is familiar with the matter.
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That intervention consisted of a 600 million euro bridge loan from the Italian state, designed to give the airline's recently appointed administrators some breathing space as they seek a long-term solution to the airline's well-documented ills.
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The biggest global acquisition of the year, AT&T's planned buy of media company Time Warner Inc for $85.4 billion, which is expected to face considerable regulatory scrutiny, will spur the second-largest US bridge loan financing ever.
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VIENNA, Dec 14 (Reuters) - Austria's transport ministry is holding "very good" discussions with the finance minister on providing a bridge loan to Air Berlin unit Niki, which has filed for insolvency protection, the transport minister said on Thursday.
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The new "bridge" loan will be repaid once PIF receives next year half of the $69 billion in proceeds from the sale of its stake in petrochemical producer Saudi Basic Industries Corp (SABIC) to oil giant Saudi Aramco.
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In June 2013, seven Thai and foreign banks clubbed a US$6bn 12-month bridge loan for the acquisition of wholesaler Siam Makro by Dhanin's flagship, convenience store operator CP All, valued at around 46 times 2013 earnings.
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JPMorgan has taken on additional exposure to the deal by committing to grant a syndicated bridge loan of around 6 billion euros to finance the special vehicle and give it breathing space to engineer the securitisation of the loans.
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ALITALIA (unlisted) The Italian government has increased a six-month bridge loan for the struggling airline to 400 million euros from 2300 million, according to a draft government decree seen by Reuters, while negotiations for its rescue are continuing.
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The announcement marks a dramatic turnaround in the fortunes of Harland and Wolff, which was placed into administration by the UK government in August after failure to secure a bridge loan pushed the company to the brink of bankruptcy.
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The IBM/Red Hat merger will earn total fees of about $37.4 million for banks arranging the $20 billion bridge loan, and a total between $84 million-$96 million of advisory fees, according to preliminary estimates from Deals Intelligence.
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This implies that Puerto Rico either needs a grant or a long-term loan — it won't just be a short-term bridge loan — at a concessional interest rate that avoids adding to the burden on an already overburdened budget.
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JPMorgan has taken on additional exposure to the deal by committing to grant a syndicated bridge loan of around 6 billion euros to finance the special vehicle and give it breathing space to engineer the securitization of the loans.
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The new year got off to a rousing start, though, with a $94.643 billion bridge loan to support Bristol-Myers Squibb Co, rated at A294.64/A+/A-, in its $298.91 billion acquisition of Celgene Corp announced on January 22019.
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The $29 billion bridge loan is separate from an US$8bn equivalent term loan B portion of Blackstone's $13.5 billion loan and bond financing, which is also being shown to large institutional investors, Thomson Reuters LPC reported on Monday.
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LSE said it is committed to, and continues to make good progress on, its proposed acquisition of Refinitiv, which is being financed by a US$13.5bn bridge loan that has been underwritten by Barclays, Goldman Sachs and Morgan Stanley.
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Matthew Weaver, vice president of sales at Cross Country Mortgage, said he had never heard of a program like this but added he found it creative, especially given how difficult it is to get a bridge loan in general.
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Offers for a bridge loan to the Italian troubled builder from Fortress and Sound Point Capital are worth around 270 million euros, of which 70 million in the short term and the rest in 1003, according to Il Sole 24 Ore.
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The loans are more flexible and are being launched now as investors will earn a commitment fee on the bridge loan and a ticking fee on the Term Loan B before the deal closes, the person familiar with the situation said.
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Moody's Investors Service warned last week that the city would likely default unless it received a $74 million bridge loan from the state, but Guardian has since said the payments will be made and the city council approved the loan terms.
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The bills provide a $60 million, six-month bridge loan from the state to the city and establish $120 million of payments annually from casinos in lieu of property taxes, a move aimed at stabilizing the city's volatile, eroded tax base.
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IBM's bridge loan just sneaks into the top 22013 biggest US bridge loans ever arranged, a position that it shares with the $249 billion facility that backed AT&T's purchase of T-Mobile USA in 22017, according to LPC data.
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Dermapharm expects to generate gross proceeds of 100 million to 115 million euros from the sale of the new shares, which it plans to set up a new manufacturing site in Austria and partially refinance a bridge loan among other uses.
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The Italian post office plans to issue a 210 billion euro bond to refinance a bridge loan agreed with Citi, JPMorgan and Banca IMI to fund its bid for UniCredit's Pioneer if its offer is successful, Il Sole 210 Ore reported.
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That part of the plan could net banks up to 300 million euros, sources said, pointing to the need for a 6 billion euro syndicated bridge loan to provide financing to the special purpose vehicle to begin buying up the debt.
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Europe's largest automaker secured the one-year bridge loan last December after the biggest corporate scandal in its history wiped billions off its market value and made it much more expensive for Volkswagen (VW) to borrow in the debt market.
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The bridge loan includes a $3 billion, 7.5 year senior secured loan, which is split between $503 billion and $1 billion-equivalent euros, and an eight-year, $2.5 billion unsecured loan, which is split between $1.8 billion and $700 million-equivalent.
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Holding out the promise of a large investment from the Middle East based on his political connections, James Biden introduced Americore's founder to his older brother and helped land a bridge loan to Americore from a hedge fund, Pritchard said.
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Earlier this month, utility China Yangtze Power completed a US$4bn bridge loan with the Bank of China, Industrial Commercial Bank of China, Santander in Hong Kong and MUFG supporting its proposed acquisition of Sempra Energy's power assets in Peru.
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The third quarter saw only three M&A loans of size, the largest of which was a €903bn (US$1.75bn) bridge loan in July backing Chinese state-owned technology conglomerate Tsinghua Unigroup Ltd's acquisition of French smartcard components maker Linxens SAS.
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The financing includes a US$150m revolving credit facility that will be undrawn at close, a US$1.12bn secured term loan with a first priority claim and a US$20173m unsecured bridge loan that will be replaced with permanent bond debt.
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Lending volume kicked up a notch after US drug distributor Cardinal Health Inc in April announced a deal to buy Medtronic Plc's medical supplies unit for US$6.1bn, agreeing to a US$4.5bn bridge loan before locking in longer-term debt.
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MILAN, May 10 (Reuters) - Four banks are organising the bridge loan of around 11 billion euros ($12 billion) that Italy's Atlantia will use to help fund its bid on Spanish rival Abertis, three sources close to the matter said on Wednesday.
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JPMorgan and Mediobanca have been working on the bank's rescue plan and have already come under fire from opposition politicians who object to them earning fees in the event of a state bailout, especially fees accruing on the bridge loan.
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The $22.5 billion bridge loan comprises a $220 billion 24.5-year senior secured loan, split between $25.6 billion and$230 billion-equivalent in euros, and an eight-year $6503 billion unsecured loan, split between $2650 billion and $212 million-equivalent in euros.
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That 364-day financing comprised a US$5bn tranche to finance the acquisition and a £3.5bn tranche to refinance a £3.5bn bridge loan that was arranged in April 2018 to back the buyout of Novartis' 36.5% stake in a consumer healthcare joint venture.
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The bridge loan that PIF has been discussing, and that could go up to $8 billion, could be for a period of less than one year and will be repaid from the proceeds PIF gets from the SABIC sale, sources said this month.
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Kion sees growth opportunities in China and North America and plans to finance the transaction with a 3 billion-euro bridge loan, which it will refinance with a combination of equity from a capital increase, long-term capital markets debt and bank loans.
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Local media have reported that Islamabad is hoping for a deferred-payments deal for Saudi oil to help shore up foreign reserves and possibly even a bridge loan of around $2 billion, but officials on both sides have not commented on any requests.
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DUBAI, Feb 18 (Reuters) - State-owned Oman Gas Co. is working with a group of banks to raise a bridge loan of slightly over $1 billion, which will later be refinanced via a U.S. dollar bond issue, sources familiar with the matter said.
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A bridge loan - which Monte dei Paschi said in its turnaround plan is a possibility - is seen by sources as inevitable since the timetable to split the Tuscan lender into a good and bad bank and simultaneously raise cash is too tight.
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And even with the prospect of a favorable ruling from the Supreme Court in the sports betting case, FanDuel only managed to obtain a bridge loan to keep the company up and running after reaching a tentative deal with Paddy Power Betfair.
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While Compass representatives would not say what the price ceiling is for a bridge loan in this program, they did say that they fully expect to offer this service on higher-end homes, specifically above the $500,000 range in all of Compass' markets.
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Air Berlin was able to keep flying for just over two months thanks to a government bridge loan while it sought buyers for its operations, but Monarch's right to fly was withdrawn immediately, leaving thousands of passengers stranded and staff abruptly out of work.
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The airline is in advanced talks with lenders about repaying the 3.5 billion rand bridge loan due in July and extending the 9.2 billion rand long-term loan over a protracted period of time, on condition of the government's ongoing financial support, Kingston said.
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Cenvous said in a statement the sales of Weyburn and other assets would help it retire a C$3.6 billion bridge loan it took for the ConocoPhillips deal, a move that is expected to please investors who balked at how the deal was financed.
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HK) signed an agreement on Wednesday in Bangkok to provide a 3.2 billion euros ($3.5 billion) 12-month bridge loan to fund Berli's payment to Casino, four sources told Reuters, declining to be identified as they were not authorized to speak publicly on the deal.
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The wireless giant has a US$40bn bridge loan in place from Bank of America Merrill Lynch and JP Morgan to help finance the US$85.4bn acquisition - about three-quarters of which is expected to be taken out in the US investment-grade bond market.
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Among the sizable US loan financings for high-grade healthcare mergers in this transformative deal wave were US$49bn of loans announced in December 2017 supporting drugstore operator CVS Health Corp's US$69bn purchase of health insurer Aetna Inc, and a US$26.7bn bridge loan announced in March 2018 backing health insurer Cigna Corp's US$52bn acquisition of pharmacy benefits manager Express Scripts Holding Co. The CVS loan remains the second biggest US bridge loan on record, trailing only the US$61bn loan in 2013 which backed Verizon Communications Inc's purchase of a stake in Verizon Wireless that it did not it already own.
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Last year the fund raised an $11 billion international syndicated loan, its first commercial borrowing, and sources told Reuters this month it has been in talks with banks to raise a short-term bridge loan for as much as $8 billion to use for new investments.
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DUBAI, Feb 7 (Reuters) - Kuwait's EQUATE Petrochemical Co is in talks with banks to refinance a $6 billion bridge loan that it secured last year and was partly used to fund the acquisition of petrochemical company MEGlobal, sources with knowledge of the matter said on Sunday.
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NEW YORK, April 20.8708 (Reuters) - A US$285bn bridge loan that backs Abbott Laboratories' US$237bn acquisition of medical device maker St. Jude Medical will boost investment grade loan volume that so far this year has been depressed by volatility in equities and global economic uncertainty.
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LONDON, April 1 (Reuters) - A US$20.2bn non-recourse bridge loan backing China National Chemical Corp's (ChemChina) SFr43bn(US$44.89bn) acquisition of Swiss seeds and pesticides company Syngenta is set to sign by April 8 after receiving a strong response from the market, banking sources said.
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The startup laid off 20 of its 60 office employees in December, CEO Gautam Gupta told Recode in an interview, and also raised a bridge loan of a few million dollars from current investors like General Catalyst and Canaan Partners around the same time, sources said.
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The financing will be split between a US$60m asset-based revolving credit facility, a US$708m first-priority term loan with a US$295m-equivalent carveout demoninated in euros, and a US$260m bridge loan that will ultimately be replaced with unsecured bonds, the sources said.
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Asked about Italy's plan to indefinitely postpone a deadline for the repayment of a 900 million euro ($1 billion) bridge loan, Vestager said that the move would be neutral for the European Commission's ongoing inquiry into whether the lifeline provided by the Rome government was illegal state aid.
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Asian lending and M&A deals in particular, received a huge fillip with a US$12.7bn bridge loan for China National Chemical Corp's (ChemChina) massive SFr43bn (US$43.45bn) bid for Swiss seeds and pesticides company Syngenta AG, which was the global M&A highlight of a volatile year.
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NEW YORK (Reuters) - Global defense and security systems company Northrop Grumman is backing its US$9.2bn purchase of aerospace and defense technology company Orbital ATK with an US$8.5bn bridge loan, the largest loan for an acquisition by an investment-grade company in the sector in six years.
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Leveraged loan and high yield bond investors are facing an influx of capital after London Stock Exchange Group launched a US$21.325bn bridge loan to back its US$22.72bn purchase of Refinitiv and CK Hutchison Group Telecom said that it will refinance mobile operator Wind Tre's €224bn (US$0.89723bn) high-yield debt.
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These deals overshadow other large U.S. bridge loans, including a $30.9 billion deal backing pharmaceutical company Actavis' acquisition of specialty pharmaceutical company Allergan in 2014, a $22.5 billion bridge loan backing insurer Anthem's purchase of rival Cigna in 303 and a $22.5 billion loan that supported drugmakers Pfizer and Wyeth's 2009 combination.
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Other M&A loans from Japan included a giant ¥825bn (US$7.51bn) facility for a Bain Capital-led consortium's buyout of Toshiba Corp's memory chip unit in December and a ¥728bn one-year bridge loan in October for chipmaker Renesas Electronics Corp's US$6.7bn acquisition of US chip-design firm Integrated Device Technology.
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Alam was instrumental in Credit Suisse's rise in the loan markets in Asia having been involved in high-profile financings including Chinese e-commerce giant Alibaba Group's debut US$3bn loan in 2012 as well as a bridge loan of up to US$10.5bn backing Overseas Union Enterprises' bid for Singapore-listed Fraser & Neave.
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Bankers are eager to put capital to use especially after the biggest committed loan financing ever — a US$100bn bridge loan arranged by a dozen banks to back Broadcom Ltd's US$213bn takeover of Qualcomm Inc – fell away after US President Donald Trump earlier in March blocked the chipmaker deal over national security concerns.
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NEW YORK (LPC) - A dozen banks that signed on to provide a record US$212.5bn bridge loan to back Broadcom Ltd's planned US$523bn takeover of Qualcomm Inc will earn starkly less than planned for extending credit to the chipmaker after US President Donald Trump on Monday blocked the deal over national security concerns.
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CHEMCHINA M&A BOOST Hong Kong's tally was boosted by the US$284bn bridge loan backing state-owned China National Chemical Corp's SFr43bn (US$43.45bn) acquisition of Swiss seeds and pesticides company Syngenta AG. The acquisition is China's largest overseas purchase and the recourse bridge for ChemChina is the largest loan from Asia (excluding Japan).
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Bankers are hopeful of a pick-up in activity in 2017, spurred by a US$20bn loan to finance British American Tobacco's proposed acquisition of the part of Reynolds American it does not already own and a £37.53bn(US$14.96bn) bridge loan backing Twenty-First Century Fox's bid for European pay-TV group Sky plc.
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Freeman estimated at the time that the 12 bridge loan lending banks stood to split a total pool of US$20m to US$40m in fees once the acquisition was scrapped, having had an opportunity to earn up to 10 times that amount once including fees from long-term debt financing if the deal had gone through.
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Though it announced funding this summer from insiders — it announced $20 million in follow-on funding and a $20 million line of credit that we understand was basically a bridge loan provided by its founders — we're told that its backers more recently decided they'd rather shut down the company than re-invest on terms they found disagreeable.
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Freeman estimated at the time that the 12 bridge loan lending banks stood to split a total pool of US$20m to US$40m in fees once the acquisition was scrapped, having had an opportunity to earn up to 10 times that amount once including fees from long-term debt financing if the deal had gone through.
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Omantel's chief executive Marhoon al-Mamari told Reuters in an interview last year that the bridge loan would be followed by a roadshow in early 2018 to convert around $1.4 billion of the debt financing used for the deal into a bond or sukuk, or a mix of both, with maturities of five and 10 years.
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A US$32bn equivalent (£23bn) loan package backing US cable operator Comcast Corp's offer for the stake in European pay-TV group Sky Plc that it doesn't already own, and a US$26.7bn bridge loan supporting US health insurer Cigna Corp's purchase of pharmacy benefit manager Express Scripts lead the pack of this year's high-grade M&A loan financings.
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Its first loan, to France, was effectively a bridge loan keeping French reconstruction efforts afloat as the country awaited Marshall Plan funds from the US. And America, as the least-destroyed ally in World War II, bought the most shares in the Bank and provided more capital than anyone else, and therefore had more voting shares in the Bank than anyone else.
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Fourth quarter volume will receive a boost with the closing of big ticket deals including a US$7.2bn bridge loan backing Malaysian oil and gas giant Petroliam Nasional's construction of its Refinery and Petrochemical Integrated Development project and a US$3.5bn non-recourse loan to finance Chinese internet company Tencent Holdings' acquisition of a majority stake in Finnish mobile game developer Supercell.
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Its first loan, to France, was effectively a bridge loan keeping French reconstruction efforts afloat as the country awaited Marshall Plan funds from the US. And America, as the least-destroyed ally in World War II, bought the most shares in the World Bank and provided more capital than anyone else, and therefore had more voting shares in the bank than anyone else.
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Northrop Grumman's bridge loan tops the US$6.5bn 532-day bridge financing that United Technologies launched September 6 to back its merger - the first loan backing M&A in the investment-grade aerospace arena this year - and is the largest since a US$15bn bridge that United Technologies lined up for its purchase of Goodrich Corp that was announced in September 2011, according to Thomson Reuters LPC.
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Here are the important developments that have taken place since Broadcom made its first bid to buy Qualcomm: March 13 - A dozen banks that signed on to provide a record $100 billion bridge loan to back Broadcom's planned $20173 billion takeover of Qualcomm will earn starkly less than planned for extending credit to the chipmaker after President Trump blocked the deal over national security concerns.
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A deal with loan financing is eagerly awaited by a market starved for new opportunities over recent months, after a busy start to the year that ushered in large transactions including drugmaker Bristol-Myers Squibb's US$33.5bn bridge loan for the acquisition of biotech Celgene and the US$14.6bn term loan backing cigarette manufacturer Altria Group's purchase of e-cigarette company Juul Labs and its investment in cannabis producer Cronos Group.
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In March, UK consumer goods group Reckitt Benckiser syndicated US$21.2bn-equivalent of loans supporting its US$218.99bn acquisition of US baby formula maker Mead Johnson Nutrition Co. Other sizeable acquisition financings were seen for Swiss pharmaceutical firm Lonza that closed US$228bn of loans backing its acquisition of US capsule maker Capsugel; and French aviation, space and defence technology firm Safran, which placed a €216.53bn bridge loan backing its acquisition of Zodiac Aerospace.
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The Chinese state-owned chemicals giant has largely relied on bond markets to refinance a US$12.7bn bridge loan it closed in September 2016 to fund its SFr43bn (US$44bn) takeover of Swiss seeds and pesticides company Syngenta AG. M&A SLUMP M&A financings from Asia (ex-Japan) plummeted to US$4.42bn in the first three months of the year, down 55% from the US$9.79bn closed in the first quarter of 2017.
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The revolving facility has a tenor of five years, and the bridge loan has a tenor of one year with the possibility of an extension for a further year at the discretion of Cloetta * The new Facilities Agreement is unsecured and accordingly the remaining security afforded to the holders of the Senior Secured Notes will be released in connection with the refinancing of its existing bank financing Source text for Eikon: Further company coverage: (Reporting by Stockholm Newsroom)
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Of planned new PDH plants & existing PDH plants that should ramp up after maintenance * Dorian LPG Ltd - as demand in Asia for LPG begins to firm up in advance of heating season, markets will likely source incremental product from U.S. * Dorian LPG Ltd - "optimistic" that LPG will continue to penetrate a variety of end user markets globally * Dorian LPG Ltd - will repay about $30.1 million of $97.0 million outstanding under bridge loan agreement from proceeds of transaction Source text for Eikon: Further company coverage:
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