A group of lenders led by the Royal Bank of Canada has commenced an up to $2.75 billion leveraged loan sale supporting Blackstone Inc.’s deal for an Emerson Electric Co. unit, according to people familiar with the matter.
A group of lenders led by the Royal Bank of Canada has commenced an up to US$2.75 billion leveraged loan sale supporting Blackstone Inc.’s deal for an Emerson Electric Co. unit, according to people familiar with the matter.
Representatives for Blackstone and RBC declined to comment. A representative for Emerson didn’t immediately respond to a request for comment. Credit markets have rebounded as worries surrounding last month’s bank collapses recede. Average prices for leveraged loans have climbed to around 93.7 cents on the dollar from lows of around 92.56 cents last month.
Buyers could also find Blackstone’s new loan attractive as it’s expected to receive ratings at the higher end of the junk scale.
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