Pacific Equity Partners Pty plans to market a A$700 million ($698.4 million) loan backing the investment company’s acquisition of Spotless Group Ltd. as soon as this month, according to two people familiar with the matter.
The lead banks are planning to sell as much as 20 percent of the loan in syndication, the people said, asking not to be identified because the details are private.
Amanda Lee, an external spokeswoman for Pacific Equity at FTI Consulting, said the company declined to comment when asked about the financing.
Pacific Equity Partners offered A$720 million to buy the cleaning and catering contractor Spotless. Stockholders will receive A$2.62 a share in cash plus a special dividend of 4 Australian cents, and will get to keep a 5 cent interim dividend, Spotless said in a statement on April 30.
Australia & New Zealand Banking Group Ltd., Citigroup Inc., Commonwealth Bank of Australia, Credit Agricole Corporate & Investment Bank, Deutsche Bank AG, Investec Ltd., HSBC Holdings Inc., Mizuho Corporate Bank Ltd., National Australia Bank Ltd., Sumitomo Mitsui Banking Corp., United Overseas Bank Ltd. and Westpac Banking Corp. are arranging the loan, the people said.