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June 5, 1997updated 05 Sep 2016 12:54pm

BT AND MCI ANNOUNCE $10BN CREDIT PLAN FOR CONCERT

By CBR Staff Writer

The same day that rival Unisource NV became a more cohesive unit, British Telecommunications Plc and MCI Communications Corp on Wednesday announced the arrangers for a $10bn credit facility for their Concert alliance. The banks handling the setup of the sizable credit resource are Bank of America NT&SA, Chase Securities Inc, Citibank NA and JP Morgan Securities Inc. Citibank will act as global coordinator for the financing. The facility replaces BT’s and MCI’s current ones. Concert, which will officially come into being upon completion of the BT-MCI merger, will use the facility as a backstop for its commercial paper issuance in connection with post-merger activities and various strategic initiatives. The $10bn financing will consist of a $5bn, 364-day facility; a $2.5bn, five-year facility; and a $2.5bn line of credit.

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