Broadcom Ltd. said on Monday that it secured binding commitments from 12 lenders for $100 billion in credit facilities for the proposed takeover of Qualcomm Inc. Information about the package mirrors an earlier media report, which has also revealed $5 billion is in revolver and bridge financing.
The semiconductor manufacturer incorporated in Singapore said it signed agreements with BofA Merrill Lynch, Citigroup, affiliates of Deutsche Bank, JP Morgan, Mizuho, MUFG, SMBC, Wells Fargo, Scotiabank, BMO Capital Markets, RBC Capital Markets and Morgan Stanley.
In addition, the chipmaker also officially announced CVC Capital Partners Ltd. and KKR and Co. joined Silver Lake Partners LP to provide convertible notes for the deal and "postclosing working capital needs, including restructuring." The original commitment by the private equity firm was for $5 billion, of which half was said to be own funds. CVC highlighted the surge in demand for bandwidth in mobile and data center sectors.
