Commercial banks lead highly levered LGC financing

Pharmaceutical 230x150
By Owen Sanderson
04 Dec 2019

Commercial banks are in the driving seat for the highly levered financing of Cinven and Astorg’s purchase of testing business LGC Group. Regulatory issues are said to have kept some US banks away from the deal, but others question whether a large revolver commitment had more of an impact.

HSBC and BNP Paribas are on the top line of the deal, along with KKR Capital Markets and Morgan Stanley— KKR sold the business to Cinven and Astorg, advised by Morgan Stanley. On the second line are Barclays, Crédit Agricole CIB, Mizuho, ...

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