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KKR Lines Up $3.4 Billion of Financing for Gardner Denver Buyout

Gardner Denver Inc., an industrial equipment maker, obtained $3.4 billion of debt financing to back its leveraged buyout by KKR & Co.

The company is getting a $1.8 billion term loan, $525 million of bank debt that can be drawn in euros, a $400 million revolving credit line and as much as $675 million of bridge financing, according to a regulatory filing today.

KKR & Co., the private-equity firm run by Henry Kravis and George Roberts, agreed to buy Gardner Denver for about $3.7 billion. The deal is valued at about $3.9 billion, including the assumption of Gardner Denver’s debt.

The financing is being provided by Barclays Plc, Citigroup Inc., Deutsche Bank AG, KKR, Mizuho Financial Group Inc., Royal Bank of Canada and UBS AG, according to the filing.

The Wayne, Pennsylvania-based company said it plans to sell $675 million of senior unsecured high-yield notes to replace all or part of the bridge loan.

Bridge loans usually mature in one year and are often used as backstops to bond offerings or longer-dated bank debt. Under a revolver, money can be borrowed again once it’s repaid; in a term loan, it can’t.

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