needs some US$15.7bn to fund the cash portion of the Slack acquisition and has a US$3bn acquisition term loan and a US$3bn five-year revolving credit facility to help make up for what it does not already have in cash on hand or raise in the bond market today. The company guided the size at US$6bn-US$8bn, but one investor said that could be upsized to refinance in full its US$10bn bridge commitment. The seven-year tranche is also 's inaugural sustainability note that will be used to finance or refinance eligible green and social projects such as green buildings, renewable energy, racial equity in the hiring process, and expenditures related to the Salesforce Sustainability Cloud, which measures a workplace's environmental impact for customers. Citigroup, Bank of America, JP Morgan, Barclays, Deutsche Bank, Royal Bank of Canada and Wells Fargo are joint bookrunners on the deal, according to the SEC filing. , rated A2/A+, is shopping three-year non-call one, seven, 10, 20, 30 and 40-year bonds at initial price thoughts in the area of Treasuries plus 40bp, 55bp, 70bp, 90bp, 100bp and 115bp, respectively. "However, it's near month/quarter-end and paper has been so difficult to source that this should support a lot of buy programs that we are seeing." "I am a little surprised that they are moving ahead with the deal as a lot of people are out of the office ahead of the holiday weekend," one dealer broker said. But with the deal on track to close at the end of July and spreads trading at record tights, took the opportunity to issue ahead of the quarter's close and before investors take off on vacation. Some market participants expected the deal might come after the July 4 holiday break anticipating that the close of the merger would get delayed to later in the quarter. The acquisition is the largest in 's history as it bets on a continuation of remote work coming out of the pandemic and pits itself directly against Microsoft's Teams application.
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