Banks Eye $6.6 Billion Debt for Orange, Masmovil Joint Venture
- Two telecom giants entered into exclusive negotiations March 8
- Debt likely to come as leveraged loans and high-yield bonds
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Telecom giants Orange SA and Masmovil Ibercom SA are seeking to line up a debt package of up to 6 billion euros ($6.6 billion) to back a joint venture, creating one of the largest leveraged debt financings in the region, people familiar with the matter said.
Orange and Masmovil entered into exclusive negotiations on March 8 to combine their businesses and consolidate the Spanish telecom market, in a deal that would give the combined company an enterprise value of 19.6 billion euros, according to a press release.