New York City -- J. Crew is seeking $1.85 billion of debt to help fund its $3 billion buyout by TPG Capital and Leonard Green & Partners LP.
Bank of America Corp. and Goldman Sachs Group are arranging a $1 billion seven-year term loan, $600 million in senior unsecured notes and a $250 million five-year asset-based revolving line of credit, according to a commitment letter attached to a regulatory filing, Bloomberg reported.
TPG and Leonard Green will finance their acquisition with a combined equity investment of up to $1.2 billion, according to a separate regulatory filing. Fort Worth, Texas-based TPG will invest up to $853 million of equity, while Los Angeles-based Leonard Green will contribute up to $317 million, the filing said.