The cash portion of the consideration was funded through syndicated debt financing and the sale by ARRIS of 10.6 million ARRIS shares to Comcast Corporation.
Over the past two decades, emerging market countries and companies have increasingly looked to the private capital markets (i.e. the issuing of stocks and bonds) for larger-scale funding and away from their traditional reliance on syndicated commercial bank loans and Western government financing vehicles.
The authors conclude that policymakers may have been barking up some wrong trees, chafing at the provincialism of syndicated bank loans, for example, while missing out on how integrated private-equity financing has become.