Bank of America-Led Group Prepares Largest Leveraged Loan Sale Since Virus
- Deal for $1.1 billion will finance merger of Xperi and TiVo
- Debt is expected to receive ratings in the top tier of junk
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A group of lenders led by Bank of America Corp. is preparing to launch the largest leveraged loan sale in two months, the latest test of investor appetite for a market that has struggled to regain full strength in the wake of the pandemic.
The banks, which also include Royal Bank of Canada and Barclays Plc, may officially begin syndication of a $1.1 billion term loan to finance the merger between technology companies Xperi Corp. and TiVo Corp. as soon as next week, according to a person with knowledge of the matter. Plans are still fluid and the timing could change depending on market conditions.