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Illustration: Sarah Grillo/Axios

Historically low yields in the debt capital markets will no doubt assist a trio of private equity firms in funding their newly announced mega-buyout of Medline Industries.

Why it matters: Medline's deal values the medical supplies company at around $34 billion, making it one of the largest of LBOs of all time. It could crack open the door for more super-sized deals.

By the numbers: At $34 billion, it would be the second-largest post-financial crisis LBO, according to PitchBook data.

  • But the largest post-crisis deal, Dell Technologies' $67 billion purchase of EMC in 2016, was different because it was also a strategic tie-up.
  • The only pre-crisis buyout larger than Medline's size is the acquisition of Energy Future Holdings for $45 billion in 2007.

State of play: Medline's new owner group — Blackstone, Carlyle and Hellman & Friedman — is expected to kick in $17 billion of equity, Bloomberg reports. That would leave up to $17 billion to be financed with debt.

  • In comparison, the largest LBO debt financing post-crisis so far was $14.6 billion for Kraft Heinz in 2013, according to S&P Global Market Intelligence's LCD.

The bottom line: On the debt market's ability to absorb that much new issuance, a high-yield manager tells Axios: "If market conditions stay status quo — cakewalk."

Go deeper with Axios Pro Rata author Dan Primack's take on the deal.

Go deeper

Sep 15, 2021 - Politics & Policy

Democrats plot debt-limit options

House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer leave the U.S. Capitol this week. Photo: Drew Angerer/Getty Images)

Democratic leadership in the House and Senate are working on a short-term funding bill — which needs to pass before Oct. 1 to avoid a government shutdown — that includes a debt-limit increase.

Why it matters: The country will default on its debt in October for the first time in U.S. history if Congress doesn't increase the federal debt limit. Republicans and Democrats have entered a standoff — daring the other side to blink.

Updated 1 hour ago - Politics & Policy

Congressman criminally charged with lying to feds

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) has been indicted on charges he falsified records and lied to federal investigators probing an illegal foreign donation scheme, the Justice Department announced on Tuesday.

Driving the news: DOJ says a Fortenberry associate, who later cooperated with investigators, informed him he'd likely received illegal donations from an intermediary for a foreign national, but that Fortenberry denied any knowledge of such a scheme when contacted by the FBI.

"Assassin's Creed," but for schools

"Viking Age: Discovery Tour." Image via Ubisoft

For the third time since 2018, Ubisoft is releasing a nonviolent version of its latest “Assassin’s Creed” game as part of a unique effort to turn one of the medium’s most popular series into an educational tool.

Driving the news:Viking Age: Discovery Tour” transforms last year’s “Assassin’s Creed Valhalla” from a bloody 150-hour game about Viking conquest in 9th century England into a peaceful four-hour game about merchants and monks.