HSBC (HKG:0005) and Lloyds shelled out 600 million pounds sterling worth of debt to fund the purchase of safety systems company Kee Safety by 65 Equity Partners and Inflexion, Bloomberg News reported Friday, citing people familiar with the matter.
The transaction values Kee Safety at 1.3 billion pounds; Intermediate Capital, Kee Safety's previous controlling shareholder, will retain a minority stake, according to the report.
Both HSBC and Lloyd's are the anchor lenders, with Lloyds' share coming from its joint venture with Oaktree Capital, the report said.
The debt is denominated in sterling, euros, and dollars, and was syndicated to a number of banks, the report said.
Inflexion declined to comment when reached by MT Newswires.
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