Banks provide $650 mln of loans for Onex buyout of SMG: Reuters

U.S. venue management company SMG’s leveraged buyout by Canadian private equity firm Onex Corp will be backed by a US$650 million loan package, sources told Reuters. Jefferies, Nomura and Macquarie Group are providing the financing. SMG provides services including facility staffing and training, food and beverage, event booking, management and promotion, financial management and maintenance. Its client roster spans stadiums, arenas, convention centres, theatres and recreational and equestrian facilities. Onex is paying around US$1 billion before fees and expenses for SMG and will contribute approximately US$440 million in equity, one of the sources said.

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