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Computer Sciences to launch $1.5 billion in term loans on Friday
By Sara Rosenberg
New York, Nov. 15 – Computer Sciences Corp./HP Enterprise Services will hold a bank meeting at 10 a.m. ET in New York on Friday to launch $1.5 billion in senior unsecured term loans split between three- and five-year tranches, according to a market source.
MUFG and RBC Capital Markets are the leads on the debt.
Proceeds will be used to help fund the spinoff of HP Enterprise Services from Hewlett Packard Enterprise and merger of HP Enterprise Services with Computer Sciences, the source said.
The merger is expected to be completed by the end of March 2017, subject to shareholder and regulatory reviews and approvals.
Following the transaction, Computer Sciences and Hewlett Packard shareholders each will own about 50% of the new company’s shares.
Computer Sciences is a Falls Church, Va.-based provider of information technology and professional services.
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