Banks Prep $9 Billion Debt Package for Truist Insurance Buyout
- JPMorgan to lead $4 billion term loan sale by late March
- Morgan Stanley to spearhead secured bond offering for deal
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Clayton Dubilier & Rice and Stone Point Capital have lined up more than $9 billion of debt from banks to help finance their buyout of Truist Financial Corp.’s insurance brokerage business, according to people with knowledge of the matter.
The financing package includes a $4 billion term loan, a $2.1 billion secured bridge loan and a $1.9 billion unsecured bridge loan, according to the people, who asked not to be named discussing a private matter. A group of banks led by JPMorgan Chase & Co. and Morgan Stanley is expected to begin selling the debt by the end of March, the people said.