Chemical Bank completed the syndication of a $6 billion credit for Westinghouse Electric Corp. on Thursday when it officially closed the primary syndicate.
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The deadline for commitments had been set for Dec. 11 but was extended by a week.
As of Thursday morning, about 30 banks committed a total of $2 billion in the primary. That is on top of $7 billion in commitments from the Chemical-led group of 20 underwriting banks.
Though there was $3 billion of excess commitments, the underwriting banks will still be left with sizeable amounts of the credit on their books. Most will be in the low $200s, while Chemical, as lead bank, will hold a somewhat higher amount.
Those levels could be reduced later in a pooled selldown in the secondary market.
