A debt offering of US$5.5 billion funding Carlyle Group LP’s takeover of Symantec Corp.’s data-storage business has been postponed because of market conditions, according to two people with knowledge of the matter.
The financing for Veritas, which includes bonds and loans, was being led by Bank of America Corp. and Morgan Stanley, said the people, who asked not to be identified because the information isn’t public. The banks, which tried to sweeten terms on the borrowings over the last week, failed to convince enough investors to support the deal.
Carlyle agreed to buy Veritas from Symantec for US$8 billion in the largest private-equity buyout this year. The deal came a decade after Symantec paid US$13.5 billion to acquire the business.