Bank of America 2011 Annual Report Download - page 14

Can you give us an example of a recent transaction that
highlights all you can do for clients? We recently helped PPL
Corporation acquire Central Networks, the largest acquisition
of U.K. utility businesses by a U.S. utility in over a decade.
This deal is a great example of all we can do for clients
because it encompasses the full range of our investment
and corporate banking capabilities in the U.S. and Europe
as well as our investor-client relationships worldwide. We
provided M&A advice to PPL, worked with a major European
bank to provide a bridge loan, and arranged a revolving
credit facility, successfully syndicating it and the bridge loan
in the European and U.S. loan markets. Long-term financing
included a $2.3 billion common equity offering, a $1 billion
convertible offering, and U.S. dollar… and pound sterling…
denominated senior notes offerings. In addition, we used
both foreign exchange and interest rate derivatives to
help manage the risks associated with the financings. We
executed this transaction in record time, and the strength
of our distribution capabilities with our investor clients
enabled us to generate attractive demand for the securities,
leading to advantageous pricing for our client, PPL.
What was it about Bank of America Merrill Lynch that
won you this business? An important reason behind winning
this business was our long-standing relationship with PPL.
Bank of America and Merrill Lynch both had relationships
with the company going back more than 10 years. When we
created BofA Merrill several years ago, we solidified and
strengthened our relationship with PPL across the advisory,
lending and capital markets areas and expanded it by
providing more capabilities, including treasury services,
serving as their everyday banker as well as a bank they can
come to for big deals. Relationships are critical in our
business. They are built by knowing our clients, providing
the expertise they need and demonstrating the ability to
execute on their behalf. We had also executed a similar
deal for this client in 2010, so they were well aware of
our capabilities.
What does this type of deal say about your company? This
transaction demonstrates the power of our global platform.
Our clients have confidence in our expertise across the
full range of products and services, and they know we can
execute across borders. Clients benefit from having a
relationship with one firm that can deliver a full array of
products and services with speed, accuracy and efficiency.
Jeff P. Kulik
MANAGING DIRECTOR — GLOBAL ENERGY AND POWER GROUP
“What makes you the
right partner?”
“We help corporations and institutional investors meet their
financial objectives and operate successfully worldwide — that™s
why we™re among the global leaders in virtually every aspect
of global corporate and investment banking and capital markets.”
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