Blackstone’s debt for TR unit buy totals more than $15 billion: Reuters [Reuters]
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Source: Reuters
Blackstone's debt for TR unit buy totals more than $15 billion: Reuters - PE Hub US Edition (daily) Canada Edition (weekly) I accept the Terms and Conditions The financing backing US private equity firm Blackstone Group’ s (BX.N) acquisition of a majority stake in Thomson Reuters ’ Financial and Risk (F&R) unit (TRI.TO) totals more than $15 billion, banking sources said on Friday. The deal, which consists of a $14 billion loan and bond financing, also includes a $1 billion Payment In Kind (PIK) note at the holding company level, two sources said. The $14 billion financing is currently being marketed to other banks by the three lead banks Bank of America Merrill Lynch, Citigroup and JP Morgan. The $1 billion PIK note has already been placed, the sources said. PIK notes are used to increase the amount of debt in buyouts by giving issuers the right to pay interest in the form of additional debt. The three lead banks are talking to banks, including Barclays, Deutsche Bank, Goldm
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