Banks Unload $2 Billion of Hung Debt Tied to Patterson Buyout

Banks led by UBS Group AG and Citigroup Inc. have revived and offloaded about $2 billion of debt to support Patient Square Capital’s acquisition of Patterson Cos., more than three months after the bonds and loans got stuck on their books due to tariff turmoil in the market.

The $1.425 billion leveraged loan, led by UBS, increased in size and priced at 4.5 percentage points over the benchmark rate with a relatively small discounted price of 90 cents on the dollar on Friday, due to strong investor demand, according to a person familiar with the matter.

Similarly, a $500 ...