financing A breeze

Financing Europe’s largest buyout should be surprisingly easy. The five banks fronting the E10bn in debt for the buyout of TDC shouldn’t have too much difficulty syndicating the deal to other institutions. Certainly, they should have a much smoother ride than the banks that backed Wind, the Italian buyout which previously held the European record. On first glance, it might not seem that there’s much difference. After all, both are telecoms deals and both have similar debt ratios – roughly six t...