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Ceva Secures EGL Financing
The private-equity parent company of Ceva Group has received a commitment of $2.95 billion in debt financing to fund the buyout of air freight forwarder EGL Inc., Bloomberg reported Tuesday.
Banks led by Credit Suisse Group and Morgan Stanley agreed to provide $1 billion of term loans to Apollo Management, along with two $250 million credit lines, Houston-based EGL said in a Securities and Exchange Commission filing, Bloomberg reported.
Apollo said on May 24 that Ceva will buy freight forwarder EGL for about $2 billion, winning a takeover fight with the company’s founder and chief executive officer, James Crane.
Ceva, which plans to complete the purchase in the third quarter, will pay $47.50 a share for EGL.
EGL, which operates under the name Eagle Global Logistics, is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.