O2 Arena to launch $400 million credit facility

By Sara Rosenberg

New York, Feb. 2 - O2 Arena is scheduled to hold a bank meeting in Los Angeles on Feb. 10, in New York on Feb. 13 and in London on Feb. 15 to launch its proposed $400 million equivalent credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

Price talk on the deal, of which a good chunk will be in dollars, is in the Libor plus 375 to 400 basis points area, the source said.

Proceeds will be used to fund the redevelopment of the Millennium Dome in London as an entertainment complex by Phil Anschutz (90%) and Rupert Murdoch. O2 is a wireless company that bought the naming rights to the arena.

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