Citibank to Lead Buyout Loan for Carlyle
Goodwin, William, American Banker
Citibank beat out NationsBank to lead a new $140 million buyout loan for Carlyle Group, a merchant banking firm.
The loan will help finance Carlyle's purchase of Magnavox Electronic Systems Co. from Philips Electronics NV, the Dutch consumer electronics company. Philips agreed to sell its Magnavox defense electronics unit to Carlyle in late July.
The purchase price was not disclosed. Terms of the buyout loan also could not be learned.
Citibank and NationsBank have been taking turns leading Carlyle's bank loans.
Just recently, NationsBank won a bidding contest with Citibank to lead a $175 million credit, which will refinance debt stemming from Carlyie's acquisition of Vought Aircraft.
Citibank led the original Vought buyout loan and will be co-agent on the refinancing. Bank of New York will also be a co-agent.
NationsBank, meanwhile, has been invited to be co-agent on the new buyout loan for Carlyle's Magnavox deal. …