April 25, 2018 / 1:11 PM / a month ago

Comcast backs Sky bid with £23bn of loans

LONDON, April 25 (LPC) - US cable operator Comcast Corp said on Wednesday that it is backing its offer for Sky Plc with £23bn (US$32.06bn) of loans.

The financing is being arranged by Bank of America Merrill Lynch and Wells Fargo.

There is an up to £16bn unsecured bridge loan and an up to £7bn unsecured term loan.

The bridge loan is expected to be replaced, in whole or in part, by senior unsecured bonds in a public offering or private placement.

Comcast’s £12.50 per share offer represents a premium of around 16% over a rival offer from Twenty-First Century Fox , valuing Sky at around £22bn. ($1 = 0.7174 pounds) (Editing by Chris Mangham)

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