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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.

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.

How long it’s taken to confirm Supreme Court justices

Expand chart
Data: Axios research, U.S. Supreme Court, Supreme Court Historical Society; Chart: Jacque Schrag/Axios

It takes a U.S. president an average of 70 days from the date a Supreme Court seat is vacated to nominate a replacement, according to data from the Supreme Court Historical Society.

Why it matters: With news outlets reporting liberal Supreme Court Justice Stephen Breyer's plans to retire, Democrats will be looking to confirm President Biden's nominee with enough time to refocus the national political debate ahead of the midterms.