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CORRECTED-RLPC-Deutsche and BoAML finance Steinway buyout
August 15, 2013 / 5:21 PM / 4 years ago

CORRECTED-RLPC-Deutsche and BoAML finance Steinway buyout

(Correcting sponsor’s name in fifth paragraph)

By Natalie Wright

NEW YORK, Aug 15 (Reuters) - Paulson & Co. has secured committed financing from Bank of America Merrill Lynch and Deutsche Bank to back the investment firm’s buyout of Steinway Musical Instruments, a company filing said.

The acquisition will be funded with the new debt financing and an equity contribution from Paulson. {ID:nL4N0GF2P5]

Steinway, best known for its grand pianos, announced an agreement to be purchased by Paulson for $40.00 per share on August 14 in a deal valued at approximately $512 million. The buyout is expected to close in late September.

Steinway previously announced its acquisition by an affiliate of Kohlberg & Company on July 1 for $35 per share, in a transaction valued at approximately $438 million.

Steinway has terminated this agreement and paid Kohlberg & Company a $6.7 million termination fee.

Steinway Musical, through its operating subsidiaries, designs, manufactures and markets musical instruments. (Editing by Tessa Walsh)

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