Boots banks to sell down another £650m

Deutsche Bank, Citigroup and JP Morgan are reportedly preparing to sell down another £650m of the senior debt notes remaining on their balance sheets from KKR's 2007 acquisition of Boots, at a discount of 92% to face value.

The three banks met on Friday to discuss the syndication, which is being led by Deutsche Bank, with the sale expected to complete within the next two weeks. Barclays and Unicredit, however, have refused to particpate in the syndication, suggesting that the loans are significantly undervalued, and they will therefore now be left holding the majority of the remaining £2bn of debt from the deal. JP Morgan is the only other member of the syndicate also holding some debt as it has not sold everything on its balance sheet.

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