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More lenders back LSE's takeover bid for Refinitiv

A further 14 lenders including HSBC Holdings PLC, Banco Santander SA and Barclays PLC are backing the London Stock Exchange Group PLC's takeover offer for financial data analytics platform Refinitiv Holdings Ltd., Reuters reported Sept. 17.

The banks' allocations totaled $13.3 billion for a bridge loan that refinances $13.5 billion of leveraged debt used in the $20 billion acquisition of a majority stake in Refinitiv in October 2018 by a consortium led by Blackstone Group Inc.

The LSE's acquisition of Refinitiv, which was announced in early August, will be financed with newly issued shares.

The bridge loan will be offered as a bond issuance by either the fourth quarter of 2020 or the first quarter of 2021. The schedule will be finalized by the time the deal reaches its completion.

Other lenders to the bridge loan include Lloyds Banking Group PLC, National Westminster Bank PLC, Royal Bank of Canada and Banca IMI SpA's London Branch. Barclays, Goldman Sachs Group Inc. and Morgan Stanley are serving as underwriters on the deal.

Separately, Hong Kong Exchanges & Clearing Ltd. is seeking to merge with LSE, dependent on the Refinitiv deal not going ahead.

The U.K. Financial Conduct Authority is closely watching the bid, which LSE has rejected, The Times reported Sept. 17, citing the regulator's CEO Andrew Bailey.

Despite the rejection, the Hong Kong exchange said it would continue to engage LSE's shareholders.