Banks and Private Credit Pitch CVC for Recordati Buyout Debt

Banks and private credit lenders are looking to provide a large-scale financing package to back CVC Capital Partners’ attempt to buy Italian drugmaker Recordati SpA, people with knowledge of the matter said.

The total debt package may be as much as €8 billion ($9.4 billion), roughly eight times Recordati’s earnings before interest, tax, depreciation and amortization, the people said, asking not to be identified discussing private matters. Banks are pitching senior debt that would include fixed and floating-rate euro-denominated bonds, and potentially some US dollar bonds.