PE deals hit as banks curb lending for leveraged buyouts

For KKR & Co LP, the private equity firm behind some of the world’s largest leveraged buyouts, the acquisition of U.S. outdoor retailer Mills Fleet Farm for a little more than $1.2 billion should have been a formality. The New York-based firm was indeed very close to clinching the deal in late November. But then, the junk debt markets went into a tailspin, and banks shied away from lending for deals of this nature after losing money on the syndication of some leveraged buyout loans…

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