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Broadcom lines up as much as $100 billion in debt funding in bid for Qualcomm:

10:29 pm ET February 11, 2018 (MarketWatch)
By Dana Cimilluca

Commitments would fully fund $60-a-share cash portion of bid

Broadcom Ltd. secured as much as $100 billion of debt financing for its hostile bid for Qualcomm Inc. and enlisted two more big private-equity firms, strengthening the chip giant's hand in the takeover battle.

A dozen banks -- including Bank of America Corp. (BAC) , Citigroup Inc. (C) , Deutsche Bank AG (DBK.XE) , JPMorgan Chase & Co. (JPM) and Morgan (MS) have agreed to provide up to $100 billion of committed credit facilities, including a $5 billion revolver and bridge financing, according to people familiar with the matter.

Private-equity firms KKR & Co. and CVC Capital Partners agreed to join Silver Lake in providing $6 billion in convertible debt for the deal and postclosing working-capital needs, the people said.

Broadcom (AVGO) has been in pursuit of Qualcomm (QCOM) since November and has nominated a slate of directors that would be voted on at a meeting in early March. Broadcom a week ago raised its bid to $82 a share in cash and stock, or more than $120 billion. The commitments would enable Broadcom to fully fund the $60 a share cash portion of the bid.

An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/broadcom-secures-as-much-as-100-billion-of-debt-funding-for-qualcomm-bid-1518404400?mod=mktw).

-Dana Cimilluca ; 415-439-6400; [e-mail]

(END) Dow Jones Newswires

February 11, 2018 22:29 ET (03:29 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

Source = TDAmeritrade


Note:
Any chance that IDCC could be bought out?