Banks Market $500 Million Bond to Fund CD&R's Presidio Purchase [BNN Bloomberg (Canada)]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: BNN Bloomberg
The proposed note follows a $2.1 billion leveraged loan that launched last week, financing that will also fund the pending acquisition. The seven-year junk bond would be callable in three years, said the person, who asked not to be identified because they're not authorized to speak publicly. Pricing is expected Thursday. JPMorgan and Citi declined to comment Monday while CD&R and Presidio didn't immediately respond. Fundraising for leveraged buyouts has picked up lately, especially in the leveraged loan market, amid signs the start of interest rate cuts by the Federal Reserve won't occur until late this year. CD&R and Stone Point Capital recently raised $8 billion from selling loans and bonds for their purchase of Truist Financial Corp.'s insurance arm. BC Partners will maintain a minority stake in Presidio, which the Financial Times reported would be valued at around $4 billion under the deal. BC took Presidio private in 2019 in a $2.1 billion transaction, with a sale reported
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- JPM's page on the SEC website