Gardner Denver Raises $2.9B For KKR Buyout

Law360, New York (July 26, 2013, 6:03 PM EDT) -- Industrial parts maker Gardner Denver Inc. has raised $2.9 billion in new bank debt to finance its buyout by private equity firm KKR & Co., a source confirmed Friday, striking just as the U.S. leveraged loan market has hit a fever pitch.

Amid surging demand from debt investors, the financing scored yields below 5 percent — which is notably cheap for a buyout target, especially one as highly leveraged as Gardner Denver. Moody’s, which rated the buyout debt as "B2," said the post-buyout company would carry...
To view the full article, register now.