Subway comes up with debt plan to clinch $10 billion-plus sale
On Sunday, Reuters reported that the bankers in charge of the sale of Subway had presented a $5 billion acquisition financing plan to the private equity firms competing for the sandwich chain. This was done in an effort to make up for the difficult conditions for leveraged buyouts and to reach the company's asking price of more than $10 billion. Bids for Subway have been between $8.5 billion and $10 billion, and last week, more than 10 private equity firms submitted second-round bids. These firms included Bain Capital, TPG, Advent International Corp, TDR Capital, Goldman Sachs Group Inc's buyout arm, and Roark Capital.0
