Daily News: November 18, 2015

Bloomberg: Veritas’s $5.5B Debt Funding Postponed


Bloomberg reported, citing two people with knowledge of the matter, that lenders led by Bank of America and Morgan Stanley postponed marketing $5.5 billion of loans and bonds they underwrote to finance Carlyle Group’s takeover of Symantec’s data-storage business, as investors shy away from riskier corporate debt.

Bloomberg noted the banks had tried to sweeten terms over the past week but failed to convince lenders wary about the amount of debt being piled onto Veritas, the unit being purchased.

Bloomberg said if the lenders can’t sell the debt by the deal’s scheduled close on January 1, they may be on the hook for the entire financing.