Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, September 4, 2007

First Data LBO Debt Goes on the Market

This week, in what is expected to be a test of the credit markets, seven banks will be offering for sale $24 billion in loans and bonds to finance the LBO of First Data Corp. to Kohlberg Kravis Roberts.  In the next few months, over $330 billion in LBO debt needs to be financed.  NYTimes, Banks to Test Debt Market This Week; WSJ, LBO Players Will Jockey Over Terms.

The Wall St. Journal's Heard on the Street column reports that the shares of Lehman Brothers are down 30%, just behind Bear Stearns as the worst-performing investment bank.  Lehman is more dependent on the bond market than most of the other investment banks.  WSJ, It's Déjà Vu for Lehman Stock.

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