J.P. Morgan, Bank of America Merrill Lynch and Citigroup are spearheading the $13.5 billion loan and bond financing backing Blackstone Group LP's bid for a majority stake in the financial and risk unit of Thomson Reuters Corp., Reuters reported, citing banking sources.
More than 20 banks were reportedly invited to underwrite 28% of the transaction. According to Reuters, Blackstone wants credit approval by Feb. 23, and there could be six to seven tiers of commitments.
The financing consists of a $8 billion-equivalent term loan B split between $5.5 billion and $2.5 billion-equivalent in euros.
Also included are $3 billion-equivalent of secured bonds split between $2 billion and $1 billion-equivalent in euros, and $2.5 billion-equivalent of unsecured bonds split between $1.8 billion and $700 million-equivalent in euros.
Blackstone will also tap a $750 million revolving credit facility, sources said.