Banks Launch $5 Billion Loan for KKR’s Cotiviti Stake Deal
- Package includes floating rate and fixed-rate term loans
- Banks beat out private credit funds to finance the deal
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A group of banks launched a $5 billion leveraged loan sale on Wednesday to help finance KKR & Co.’s purchase of a stake in Cotiviti Inc., according to people with knowledge of the matter.
The sale is broken up into a $4.4 billion floating rate term loan led by JPMorgan Chase & Co. and a $600 million fixed rate term loan led by Goldman Sachs Group Inc., one of the people added.