A group of banks, including Goldman Sachs (NYSE:GS) and Deutsche Bank (NYSE:DB), is gearing up to sell ~$1.2B of debt that’s funding the buyout of a unit of Finastra Group Holdings, according to a media report on Thursday.
A number of other banks are also working on the leveraged loan deal, Bloomberg News reported, citing people familiar with the matter. The loan, to be split between dollars and euros, is expected to launch for syndication in coming weeks, they said.
The debt has been on the banks’ balance sheets since May, but they’ve been waiting for updated financials before marketing the debt. In addition, the credit ratings that are required to sell the debt are expected soon, the people told Bloomberg News.
Finastra agreed to sell its treasury and capital markets business to private equity firm Apax Partners earlier this year. The deal is expected to close early next year.