Carlyle Group Inc. is currently seeking $2.5 billion in debt from banks and private credit lenders to support its bid for a majority stake in two business units of medical-device maker, Medtronic Plc.
The deal is valued at over $7 billion. Sources familiar with the matter say that discussions are still at an early stage, and the terms of the financing provided could change.
Carlyle Group and Medtronic have declined to comment.
The private equity industry follows a dual-track debt deal process to support leveraged buyouts.
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