Kohlberg Kravis Roberts and the many investment banks on the hook for First Data financing have still not finalized terms for the sale of about $14 billion in loans. Not sure what the exact kinks are. But there is certainly a lot riding on it. Some people think that it will set the tone for the eventual sale of about $300 billion more in "hung loans." One expert thinks the rate will eventually be between 225 and 275 basis point above LIBOR. But that might go higher. Citigroup has perhaps the most on the line, according to MarketWatch. It is the top underwriter on five of the six largest leveraged loan deals outstanding. So if it concedes a lot to KKR, other sponsors will expect similar treatment. Stay tuned.  

For more:
- here's the MarketWatch article

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Another view of the First Data deal