We've been talking about the planned offerings for some big deals for so long now it seems like old news. But the offering for about $24 billion in loans and bonds to support the buyout of First Data is scheduled to take place this week. Seven top banks will be pulling out the stops to find buyers. The terms have likely changed since the deal was announced, and Wall Street will be looking for clues as to what future offerings might look like. The New York Times reports that the offering will likely still include covenant-lite loans and PIK toggles, which many thought would be a hard sell right now. We'll see. The top banks obviously have a lot on the line. They are on the hook for whatever they cannot sell. This will certainly set the tone for the other deals.  

For more:
- here's the New York Times article