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SAP’s margin step-ups could prompt swift loan sell-down

German software company SAP will be encouraged to sell down the Eu2.75bn loan backing its acquisition of rival Sybase in the wider markets as the margin on the facility increases from an initial 65bp. The margin on the underwritten deal increases to 72.5bp as of July 15, to 80bp in September and to 90bp in January 2011.

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