RE: done deal?Executives are leaving, seems like a done deal at 42.75:
https://www.theglobeandmail.com/servlet/story/RTGAM.20080625.WBstreetwise20080625142654/WBStory/WBstreetwise
https://canadianpress.google.com/article/ALeqM5jwouhIJJGjF7kSgp9-O9fxKINijw
"I think it's normal to have these discussions, but in the end I think the people will be there," Lamoureux said.
He noted that the banks signed contracts when they agreed to provide massive loans to support the purchase of the parent company of Bell Canada.
"We have an agreement. We will respect the deal and we expect that the banks will do so as well."
Elliott Soifer of Desjardins Securities said that while some flexibility is left in such deals to hammer out smaller details, more of this agreement was negotiated up front than is normal.
"I think they'd (the banks) love a huge cut. I just don't know if they can make a strong case for it," he said.
Terms of the deal could be changed short of altering the price, said Soifer. But if a repricing is required, it won't be as large as the 8.2 per cent price cut for Clear Channel in the United States.
“A decision to forego the dividend would not go unnoticed by the banks,” said one source close to the four banks. Several sources in the lending group said the banks have not discussed any sort of a reduction in the promised $42.75 buyout price, as this dramatic step could only be taken by BCE's board and the Teachers-led group that is buying the company.
If the banks can agree on the terms of a loan package, the financing is expected to be syndicated to other financial institutions in a campaign that starts in mid-July. By that point, BCE is expected to have fresh quarterly financial results for potential investors to examine.