Blackstone, TPG Deliver $7 Billion Test to Risky Loan Market (1)

A highly-anticipated, multi-billion dollar buyout financing is giving the loan market its first major test of 2026.

The $7 billion loan backing Blackstone Inc. and TPG Inc.’s acquisition of medical device-maker Hologic Inc. was officially offered to investors this week. By one key metric the deal is risky, with a leverage level — or debt-to-earnings ratio — for the entire financing of seven times, according to people familiar with the matter.

The Hologic loan — part of the broader $12.25 billion financing package — is being viewed as a barometer of investor appetite ahead of the predicted deluge of debt. ...