BAML makes biggest corporate underwrite, maximum was $22bn

BAML 230x150
By Olivier Holmey
17 Jun 2014

Bank of America Merrill Lynch has agreed to underwrite the entire $16.3bn of debt backing Medtronic’s $42.9bn cash and stock takeover of Irish medical technology firm Covidien.

The bank’s balance sheet would have allowed it to underwrite as much as $22bn of debt, but the transaction is still BAML’s largest underwriting for a corporate client, GlobalCapital understands.

The US house is the sole underwriter of the debt financing.

The deal will shortly be executed in ...

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