Credit Suisse Is Said to Seek U.S. Investors for Loan
Credit Suisse Group AG (CSGN) is targeting U.S. institutional investors as it seeks to sell part of its share of a $4.5 billion loan to Fortescue Metals Group Ltd. (FMG), said a person familiar with the matter.
The lender plans to focus on marketing the five-year secured debt to asset managers rather than other banks, according to the person, who asked not to be identified because the details are private. Fortescue’s loan package is underwritten by Credit Suisse and JPMorgan Chase & Co., and will refinance the miner’s existing bank facilities, the company said in a statement today.
Fortescue is considering bringing in more banks to help sub-underwrite the loan to spread the credit risk, according to the person familiar with the matter.
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