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Cobham to load up with debt in wake of £ 4bn deal – Telegraph.co.uk, Telegraph.co.uk

Cobham to load up with debt in wake of £ 4bn deal – Telegraph.co.uk, Telegraph.co.uk


Defence company Cobham is to be loaded up with debt after a controversial £ 4bn takeover by US private equity firm Advent.

 

The 90 – year-old British pioneer of air-to-air refueling is expected to issue more than £ 1bn of bonds following the deal, which waswaved through late on Friday night by Andrea Leadsom, the Business Secretary, in the face of a furious backlash from its founding family.

 

Advent is funding the takeover with £ 1.2bn of its own money and using short-term loans arranged with banks including Credit Suisse, Citigroup and Goldman Sachs for the remainder.

 

It is thought that these banks – which are receiving fees totalling more than £ 823 m for funding the deal – are also being lined up …

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