The loan was underwritten on an equal basis by
mandated lead arrangers and bookrunners Bank of America Merrill
Lynch, BNP Paribas and Mizuho Bank and saw strong support from
Bayer's core relationship banks with 23 banks joining in
Mandated led arrangers were BBVA, Santander, Bank of
Tokyo-Mitsubishi UFJ, Barclays, Citigroup, Commerzbank, Credit
Agricole CIB, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC,
JP Morgan, RBS, Societe Generale, SMBC and Unicredit.
Lead arrangers were ANZ, Bank of New York Mellon, BayernLB, ING,
Intesa SanPaolo, Helaba and SEB.
The financing comprises a $12.2 billion bridge to capital
markets facility and a $2 billion medium-term facility. The
one-year bridge loan pays 25 basis points (bps) over Libor,
while the four-year facility pays 50 bps, as previously
The bridge loan is expected to be taken out in the capital
markets through a combination of senior and hybrid corporate
The financing is Bayer's largest loan financing since its 16.5
billion euro ($22.35 billion) acquisition of domestic rival
Schering in 2006, which was funded with a 7 billion euro
syndicated loan and a 7 billion euro bridge loan via Citigroup
and Credit Suisse.
Bayer is rated A- by Standard & Poor's, A3 by Moody's and A by
(Editing by Christopher Mangham)
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