@Revolution:Global Business News

New Economy, Leadership, Entrepreneurship, Management, Global Business

Buyout Banks Take Peacemaking Term

Posted by iBlog on July 6, 2008

By Peter Lattman
Word Count: 892 | Companies Featured in This Article: BCE, Penn National Gaming, Citigroup, Deutsche Bank, Home Depot, Goldman Sachs Group, Harman International Industries, Huntsman

A group of banks and buyout firms helped salvage the $52 billion takeover of Canadian phone giant BCE Inc. The compromise closes a year of bickering about how to fund boom-era deals, which may at last help banks begin new lending commitments to corporations and buyout groups.

That follows an amicable agreement the day before, greased by bank lenders’ concessions, to abandon a $6.1 billion acquisition deal for casino operator Penn National Gaming Inc. (See related article.)

In Penn, the banks paid handsomely to free themselves of underwriting $7 billion of unsold debt on which they would have had to …

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