A $3 billion loan backing the $7.2 billion takeover of Panera Bread Co. by JAB Holding Co., owned by Germany’s billionaire Reimann family, is being arranged by a bank group led by JPMorgan and meeting solid demand, several bankers said.
JAB announced the deal with Panera on April 5.
The pro rata financing includes a $2.25 billion term loan A and a $750 million revolving credit facility.
The loans have already been syndicated successfully to the top-tier banks, another banker said. The deal included nine banks with three top leads. The debt will later be more broadly syndicated, though some banks are expected to keep their pieces.
The financing follows a path that JAB has previously used when purchasing companies.
Read more: St. Louis Post-Dispatch