Verizon gets $17B in loans to complete Alltel deal

Verizon Wireless secured $17 billion in loans to complete its acquisition of Alltel, which has passed regulatory hurdles.

Verizon was able to get the billions of dollars in loans needed to finance the completion of the deal at a time when most credit markets still remain relatively frozen. The $28.1 billion purchase of Alltel, which just received final regulatory approval from antitrust regulators at the Federal Trade Commission, will make Verizon Wireless the nation's largest wireless carrier.

When Verizon announced it was acquiring Alltel in June it pledged to take on $22.2 billion of it projected net debt in addition to paying $5.9 billion for Alltel's equity. In March 2007 TPG Capital and the private-equity arm of Goldman Sachs Group, GS Capital Partners, bought Alltel for $27.5 billion.  

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Related Articles:
Verizon snaps up Alltel for $28.1B
FTC approves Verizon-Alltel deal
Private equity firms snag Alltel for $27.5B

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