A group of banks led by Bank of America Corp. and Barclays Plc are struggling to attract investors for a roughly $3.9 billion debt financing package to help fund a buyout by Apollo Global Management Inc., potentially forcing them to fork over the cash themselves.
In the latest blow for Wall Street lenders since the Citrix Systems Inc. debt debacle, neither the $2 billion leveraged loan nor the roughly $1.9 billion junk bond on this latest transaction are close to deal size as of Wednesday, according to people with knowledge of the matter, who asked not to be named discussing a private deal.
Though the deal is struggling, there is still time for investors to change their minds and submit orders in the coming days, especially if banks decide to sweeten pricing. Last week in the Citrix transaction, private equity firm Elliott Investment Management bought about $1 billion of the junk-bond deal supporting its own buyout of the software company, Bloomberg reported.
Read more: BNN Bloomberg
