In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Thursday, September 13, 2007

First Data Loans Delayed

by Calculated Risk on 9/13/2007 03:04:00 AM

From Bloomberg: First Data Loans Delayed as KKR, Banks Keep Talking, People Say

Kohlberg Kravis Roberts & Co. may delay the sale of loans to fund its $26 billion buyout of First Data Corp. until at least next week after failing to agree on terms with its bankers ...

KKR ... and banks led by Credit Suisse Group couldn't agree today on pricing or how much of the debt lenders will try to sell ...

Demand for LBO debt has evaporated. After buying a record $754 billion of leveraged loans this year, investors are balking at debt without covenants, or restrictions, that give them greater power over a company's finances.