Both sides have arranged their own debt packages on top of the OpCo slice, where IFM and Blackstone are understood to be using different structures.
It’s not just IFM Investors and Blackstone’s dealmakers who had a long weekend ahead of Tuesday morning’s deadline for binding offers. Spare a thought for debt teams at the more than 40 banks that lend to the $20 billion-plus data centre giant.
Street Talk understands both Blackstone and the IFM-led consortiums have agreed to keep AirTrunk’s $8.5 billion OpCo level debt intact to finance their bids. This is the asset-level debt in AirTrunk’s capital structure and is held at leverage of about nine-times earnings.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories.
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