Verizon Communications Inc. set the rate on $14 billion of loans it's seeking to back its purchase of a stake in its wireless unit from Vodafone Group Plc, according to a person with knowledge of the transaction.
A $6 billion term loan due in three years will pay interest at 1.375 percentage points more than the London interbank offered rate (Libor), while a $6 billion term loan maturing in five years will have a rate of 1.5 percentage points more than Libor, according to the person, who asked not to be identified because they are not authorized to speak publicly.
The financing, being arranged JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp., and Barclays Plc, also includes a $2 billion revolving credit line that will pay interest at 1.25 percentage points more than the benchmark borrowing rate.
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