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LONDON, June 26 (Reuters) - A SFr375m-equivalent (US$387m) term loan backing private equity firm CVC’s acquisition of Swiss luxury watchmaker Breitling has launched for syndication, banking sources said on Monday.
CVC agreed to take an 80% stake in Breitling in April, valuing the business as more than €800m.
Deutsche Bank is leading the financing to back the buyout, alongside Bank of America Merrill Lynch, Credit Suisse, BNP Paribas and UBS, the sources said.
The SFr375m-equivalent term loan will be split between Swiss francs and euros and although the final sizes are yet to be determined, there will be a minimum €230 tranche, the sources said.
A bank meeting is set to take place in London on Tuesday to show the deal to investors, when pricing will be announced. Lenders have been asked to commit to the financing by July 7.
Founded in 1884, Breitling specialises in the development and manufacture of high-performance watches. (Editing by Christopher Mangham)