Daily News: March 11, 2013

KKR Lines Up $3.4B of Financing for Gardner Denver Buyout

Gardner Denver and KKR announced that the companies have entered into a definitive merger agreement in a transaction valued at approximately $3.9 billion, including the assumption of debt.

According to a regulatory filing, $3.4 billion of debt financing is being provided by Barclays, Citigroup, Deutsche Bank, KKR Corporate Lending, Mizuho Corporate Bank, Royal Bank of Canada and UBS Securities and will encompass a $1.8 billion senior secured term loan, a $525 million term loan facility available to be drawn in Euros, a $400 million senior secured revolver and up to $675 million bridge loan facility.

The transaction is being made through KKR’s investment funds.
Goldman Sachs is serving as financial advisor to Gardner Denver and Skadden, Arps, Slate, Meagher & Flom is serving as legal advisor. UBS Securities and Simmons & Company International are serving as financial advisors to KKR and Simpson Thacher & Bartlett is serving as legal advisor.

To read the full text of the Gardner Denver news release, click here.