September 17, 2019 / 5:56 PM / a month ago

More banks join LSE bridge loan for Refinitiv buy

    By Michelle Sierra
    NEW YORK, Sept 17 (LPC) - The full list of lenders to the
multibillion dollar bridge loan backing the London Stock
Exchange Group’s acquisition of data company Refinitiv has been
revealed after banks received their allocations.
     The allocations total US$13.3bn and a further 14 banks have
joined the deal in addition to the three leads. Barclays,
Goldman Sachs and Morgan Stanley are the underwriters of the
deal, which was launched to syndication in early August.
    The acquisition, which will be financed with newly issued
shares, will replace Refinitiv’s existing leveraged debt with a
corporate financing, reflecting LSE’s investment-grade credit
rating.
    The loan refinances US$13.5bn of leveraged loans and bonds
that backed the US$20bn purchase of a majority stake in
Refinitiv last October by a consortium led by US private equity
firm Blackstone.
    The bridge loan is intended to be taken out entirely by
bonds, but not until the fourth quarter of 2020, or the
first-quarter of 2021. Timing of the bond issuance will be
determined by the close of the acquisition.
    Hong Kong Stock Exchange has bid US$39bn for LSE, which
rejected the bid on September 13.
    Refinitiv, the parent company of LPC, was created last year
when a Blackstone-led consortium bought a 55% stake in Thomson
Reuters' Financial & Risk business in the largest leveraged
buyout since the financial crisis. Thomson Reuters owns the
remaining 45% stake.
    Allocations are as follows:
 Lender                     Commitments
                            Facility A      Facility B (EUR)
                            (USD)           
 Barclays Bank              548,529,411.77  210,588,235.30
 Goldman Sachs Intl         36,568,627.45   14,039,215.69
 Goldman Sachs LP           511,960,784.32  196,549,019.61
 Morgan Stanley Bank        548,529,411.77  0
 Morgan Stanley SF          0               210,588,235.30
 Banca IMI, London          548,529,411.77  210,588,235.30
 Banco Santander, London    548,529,411.77  210,588,235.30
 Bank of America, London    548,529,411.77  210,588,235.30
 Bank of China, London      548,529,411.77  210,588,235.30
 BNP Paribas Fortis         548,529,411.77  210,588,235.29
 Citibank, London           548,529,411.76  210,588,235.29
 HSBC Bank                  548,529,411.76  210,588,235.29
 Lloyds Bank                548,529,411.76  210,588,235.29
 MUFG Bank                  548,529,411.76  210,588,235.29
 National Westminster Bank  548,529,411.76  210,588,235.29
 Royal Bank of Canada       548,529,411.76  210,588,235.29
 SMBC London                548,529,411.76  210,588,235.29
 Toronto-Dominion, London   548,529,411.76  210,588,235.29
 Wells Fargo Bank, London   548,529,411.76  210,588,235.29
 Total                      9,325,000,000   3,580,000,000
 
    LSE’s last corporate loan was provided by Banco Santander,
Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, HSBC, Royal Bank of
Canada and Royal Bank of Scotland, according to LPC data.

 (Editing by Tessa Walsh)
  
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