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Caterpillar Receives $8.6 Billion Loan for Bucyrus Acquisition
Caterpillar has received an $8.6 billion bridge loan from banks led by JP Morgan Chase & Co. for its acquisition of mining equipment manufacturer Bucyrus International, the company said this week. The deal, including debt, is valued at about $8.6 billion.
In a regulatory filing, Caterpillar said it will use some of the loan funds to refinance Bucyrus debt and pay related fees. Under the terms of the financing agreement, Caterpillar must maintain a total net worth of at least $9 billion.
The world’s largest construction and mining equipment manufacturer, Caterpillar is based in Peoria, Ill.
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