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transactions. By facsimile dated November 9, BOT Capital Markets
Group sent an urgent request for credit approval to the head
office in Tokyo, attaching "all details of the transaction".
Merrill required that the agreements be executed within a few
days and any delay was likely to result in loss of the deal. On
November 10, Merrill informed the banks that, at the asset
seller's request, the transaction would be divided between them:
BOT would purchase $125 million of the Citicorp Notes and BFCE
would purchase $50 million.
If the amount and timing of the partnership's cash needs
were so clearly foreseen at the beginning of November, it was in
large part because by this time preparations for the acquisition
of Colgate debt were also well advanced. The Met Note, Long
Bonds, and Euro Notes that the Partnership Committee directed
Merrill and ABN to acquire had been targeted for acquisition
months earlier. Merrill's first "Partnership Transaction
Summary", prepared in July, had contemplated that the partnership
would purchase these three issues, using approximately $140
million cash from the sale of the private placement notes.
During the summer, Pohlschroeder had told Fields that he knew
that Met Life would be willing to sell the Met Note and could
probably be induced to sell it immediately. He had arrived at
the conclusion as a result of recent unsuccessful attempts by the
insurance company to renegotiate the loan agreement. Both the
Long Bonds and Euro Notes were identified as good candidates
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