The banks leading Citrix, for example, had initially intended to sell US$7.05 billion of loans to help finance the deal. Instead, underwriters are considering holding onto a US$3.5 billion chunk and are selling a US$4.05 billion segment, of which US$1 billion has already been placed with private-credit lenders, Bloomberg previously reported.
Banks are also looking at adding a US$500 million-equivalent leveraged loan denominated in euros. Depending on demand for the loans they’re selling, bankers may also be able to decrease the amount of debt they’ll need to hold to US$2.5 billion or even less.
With those shifts, the banks can decrease their original US$4 billion secured bond commitment down to US$3 billion. They have also adjusted the original US$3.95 billion unsecured bond portion into a second-lien loan.
Read more: BNN Bloomberg
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