Advent to Place Reckitt Debt With Banks Before Wider Sale (1)

Private equity firm Advent International is selling a chunk of a $2 billion-plus buyout loan to a group of banks, before it markets the rest to institutional investors.

It’s set to offload between $500 million to $700 million of the debt backing its acquisition of most of the home-care business of the Reckitt Benckiser Group Plc to Middle Eastern, Asian and smaller European banks, according to people familiar with the matter.

The loan is denominated in euros and dollars. Given its low leverage relative to the junk credit space, it is expected to get a better rating, helping to attract ...