Banks Launch $2 Billion BASF Coatings Loan Sale for Buyout

Banks have launched a debt sale worth over $2 billion for the auto paint and finishing division of BASF SE, amid a difficult market backdrop for the chemicals industry.

BASF Coatings is looking to raise around $1.4 billion from a dollar-denominated term loan B and another €750 million ($881 million) euro-denominated term loan B to fund its acquisition by Carlyle Group Inc. and partner Qatar Investment Authority.