(Bloomberg) -- Labor Day has yet to arrive, but what’s anticipated to be a post-holiday run of acquisition-related financings in the US leveraged-loan market started to queue up Thursday.
Money manager Janney Montgomery Scott is planning to host a lender call on Sept. 4 to discuss financing of the firm’s buyout by KKR & Co. funds, according to a person familiar with the matter who asked not to be identified because the information is private. Additional details will be provided next week, the person added.
KKR is serving as joint bookrunner and joint lead arranger, a separate person said. KKR declined to comment. UBS Group AG, which will lead the transaction, and Janney didn’t immediately reply to requests for comment.
This post-Labor Day period is expected to be the busiest in several years, with buyout deals announced earlier in 2024 arriving at the point of cinching financing before the US elections or any other potential market noise. New issuance dried up early this month, when markets globally briefly turned tumultuous. At least seven US leveraged loans were pulled or postponed.
Barclays Plc predicted September leveraged-loan issuance of as much as $40 billion. While up from August’s total, that’s far below the $100 billion-plus months seen earlier this year when the market was swamped by record amounts of loan-repricing activity.
Other buyouts expected to have leveraged loans launch next month include another KKR deal, involving education-technology company Instructure Holdings Inc., as well as for the acquisition of financial technology firm Envestnet Inc. Both of those proposed takeovers were announced in July.
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