Private equity firm Blackstone is set to launch a US$4.2bn financing to back its US$5.4bn acquisition of auto parts maker Gates Global. The deal is the second-largest US leveraged buyout financing of the year, according to Thomson Reuters data, and is also the largest private equity buyout of an industrial company in more than four years.
Hungry for paper, loans investors last week welcomed a US$5.1bn financing backing Avago Technologies’ US$6.6bn acquisition of LSI Corp. The added debt, however, resulted in a ratings downgrade for the borrower, formerly an investment-grade name, into the junk territory.
US bankers starved of opportunities to lend to America’s top companies are welcoming a US$7bn financing package backing generic drugmaker Actavis’s acquisition of Forest Laboratories.
- Sycamore levers up apparel brands
- Chrysler seeks US$4.7bn refinancing
- Risky business
- Debt markets braced for Charter test
- Controversial gun-maker agrees debt deal
- Americas Loan House: Bank of America Merrill Lynch
- Americas Financing Package: Verizon