Boots financing: Bellwether Boots

This is not a propitious time to be launching the financing for Europe’s largest-ever LBO. As the eight banks that met yesterday to start the sales process on a £9bn debt package for KKR’s takeover of Alliance Boots know only too well, several similar deals on both sides of the Atlantic have faced investor resistance. KKR itself had to pull the financing for its buyout of US Foodservice and has had to restructure the debt package for its recapitalisation of Dutch DIY business Maxeda. Another hig...