Buyers rush into Johnson as floodgates open

Johnson Controls
By Silas Brown
14 Mar 2019

The leveraged finance market is feasting on the $10.2bn financing for the buyout of Johnson Controls’ batteries business by Caisse de dépôt et placement du Québec. Levfin players believe its success is in part due to a lack of jumbo supply in the US prior to the trade.

The trade has senior secured bonds and loans in dollars, helmed by JP Morgan, and euros, which is being run by Barclays, plus an unsecured tranche led by Credit Suisse.

“It has gone very well, with huge demand across all tranches globally,” said one banker on the deal.

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