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KKR Undercuts Wall Street With a Last Minute $1 Billion Loan

  • PE firm snatches deal for ACProducts from Barclays-led group
  • Investment bank to get out of hung loan as part of refinancing
Bloomberg business news
KKR Undercuts Wall Street With $1 Billion Loan
Updated on

Barclays Plc had the deal seemingly locked up.

Along with a trio of smaller lenders, the bank had agreed to arrange a $1.1 billion loan for ACProducts’ buyout of a unit of rival Masco Corp. While the terms of the financing weren’t quite as good as the kitchen-cabinet maker’s private equity owners had hoped, getting a signed commitment from the banks allowed the company to finally announce the deal in mid-November.