Billionaire Drahi Wins With Midnight Debt Gamble: Credit Markets

Late last Friday, billionaire Patrick Drahi put the bankers he assembled to finance a $23 billion bid for Vivendi SA’s French phone unit on the spot. He wanted to increase the cash portion of his offer by more than $2 billion, with a record amount of loans giving lenders little protection if the fortunes of the combined company diminish.

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