Banks consider £3.5bn jumbo financing for Asda stake sale [Reuters]
Walmart Inc. (WMT)
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Source: Reuters
Banks consider £3.5bn jumbo financing for Asda stake sale LONDON, April 2 (LPC) - Banks are considering raising up to £3.5bn of underwritten debt to back a potential buyout of British supermarket Asda, which Walmart is close to selling, assessing appetite for a jumbo deal in light of the coronavirus pandemic, banking sources said. Walmart, the world’s largest retailer, has been in discussions with potential buyers Apollo, Lonestar and TD&R for some time and is set to make a decision shortly on whether they will push on and get the deal done or put the process on hold. Walmart has been looking to sell a portion of Asda after it failed to combine it with Sainsbury’s last year. Banks would typically jump at the chance to fund a headline-grabbing, jumbo buyout, but financing any deal could prove problematic in the current climate as risk-adverse lenders have all but stopped underwriting leveraged financings due to the coronavirus. Jumbo buyouts are backed with underwritten commitments of
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