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Instead, Mr. Schulze's financial adviser, Credit Suisse, has issued a "highly confident" letter.
He has said that he could obtain the $7.8 billion needed to finance his offer, having received a "highly confident" letter from Jefferies & Company, the investment bank.
Then and now, the unsolicited suitor proposes a deal backed only by a highly confident letter, rather than fully committed financing.
The company also obtained what is known as a "highly confident" letter from JPMorgan Chase, which provides an assurance — but not a formal commitment — that the requisite debt financing would be available for the bid.
Instead of banks providing loans to buyout firms and corporations with virtually no ability to get out of them — the way they did in this most recent cycle — they could bring back the "highly confident" letter.
It also called the bid "opportunistic" and "subject to unacceptable risks and contingencies," as Jos. A. Bank's proposal was subject to due diligence and it had only a highly confident letter for its debt financing from Goldman Sachs rather than committed financing.
Similar(49)
Neither proposal has firm financing lined up, instead relying on "highly confident" letters from their banks that they can raise the money.
Bharti said Saturday that more than a dozen bankers from the United States and Europe had given it "confident letters of funding" of over $60 billion.
Williams said that its investment banks, Barclays Capital and Citigroup, had provided "highly confident" letters that they would drum up the necessary financing for the deal, though they had not signed commitments.
When it stepped out of the race for MTN on Saturday, MTN's original suitor, Bharti Airtel, said that more than a dozen American and European bankers had given it "confident letters of funding" worth $60 billion, presumably related to the deal.
The politicians are confident… LETTER FROM CHICAGO about the Republican National Convention.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com