US$10bn plus buyout debt for JCI

摘要

Banks are working on debt financing of more than US$10bn to finance the buyout of johnson controls international's Power Solutions business. The sale of the unit, which makes advanced batteries for vehicles, could fetch around US$12bn in what is expected to be one of the biggest buyouts of the year, the sources said. "This deal is one to watch," a loan syndicate head said. The deal will consist of leveraged loans and high-yield bonds and will be denominated in dollars and euros, they added.