CIBC scores its biggest LBO financing with Wittington-Boots deal

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeBankingNewsCIBC scores its biggest LBO financing with Wittington-Boots dealThe exact amount of debt financing covered by CIBC hasn’t yet been disclosedAuthor of the article:Rachel Graf and Paula SamboLast updated 24 minutes ago While CIBC has made larger backings to investment-grade transactions, the deal marks the biggest financing commitment ever made by the bank’s global leveraged finance group. Photo by Christopher Katsarov Luna/BloombergCanadian Imperial Bank of Commerce is providing the majority of the financing to support Wittington Investments’ acquisition of Boots and its associated businesses, according to a person familiar with the matter, in what’s set to be the bank’s largest-ever single commitment to a leveraged borrower.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWittington, the Canadian holding company for the billionaire Weston family, said Wednesday that it agreed to buy the United Kingdom pharmacy chain for US$8.9 billion including debt from Sycamore Partners and the family of longtime Boots owner Stefano Pessina. CIBC and Morgan Stanley Senior Funding Inc., the lead arrangers, are providing financing for the acquisition, according to a release.This advertisement has not loaded yet, but your article continues below.While CIBC has made larger backings to investment-grade transactions, the Boots deal marks the biggest financing commitment ever made by the Toronto-based bank’s global leveraged finance group, said the person, who asked not to be identified because the information isn’t public.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThe exact amount of debt financing hasn’t been disclosed. When Boots separated from Walgreens last year, Sycamore raised about US$4.5 billion to fund the acquisition.A CIBC spokesperson declined to comment.Fairfax Financial, which is partnering with Wittington on the acquisition, agreed in an equity commitment letter to provide up to about US$2.3 billion toward the purchase. Fairfax is expected to own 50 per cent of Boots after the deal closes while Wittington will have operational control.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.