A group of lenders led by the Royal Bank of Canada has commenced an up to $2.75 billion leveraged loan sale supporting Blackstone Inc.‘s deal for an Emerson Electric Co. unit, reported Bloomberg News.
The loan is part of a $5.5 billion debt package being brought to public markets that would replace both a $2.9 billion loan held by banks as well as $2.6 billion of commitments Blackstone received from private lenders last year for its leveraged buyout. The financing will include additional secured debt, according to Bloomberg.