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JPMorgan Chase Set to Close Giant AT&T Loan Today

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Banks are yet shrugging off a fear of commitment.

Eleven banks with close relationships to JPMorgan of AT&T have snatched up pieces of the $20 billion loan to fund a $39 billion acquisition of T-Mobile.

That’s bad news for other banks looking to get a piece of the pie. Good news for JPMorgan, which set out a week ago toparcel out the risk it originally undewrote on its own.

"Eleven calls were made, and eleven relationship banks signed up," according to a person with knowledge of the deal.

The syndication on the 18-month unsecured loan is set to close today, with all the requisite signatures.

The banks lending to AT&T's revolving credit facility include Citigroup, Barclays Capital, Bank of America Merrill Lynch, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley MUFG, RBS, UBS and Wells Fargo.

A Reuters report claimed pricing on the loan to be 75 basis points above Libor.

As previously reportedthe loan represents JPMorgan's largest-ever client commitment, according to Thomson Reuters. Only Pfizer's $22.5 billion bridge loan to buy Wyeth in March 2009 stands in the way of the AT&T loan being the largest bridge loan ever.

Companies mentioned in this post




Barclays Capital

Bank of America

BNP Paribas

Credit Suisse

Deutsche Bank

Goldman Sachs

Morgan Stanley


Wells Fargo


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