CD&R in Talks With Banks Over Debt to Fund Equity for Sanofi Arm

Clayton Dubilier & Rice is discussing the possibility of using borrowed money to fund a part of the equity check in its bid for Sanofi’s €15 billion ($16.6 billion) consumer health division, according to people familiar with the matter.

The New York-based buyout firm is talking with banks about obtaining so-called back leverage, said the people, who asked not to be identified because the process is confidential. That’s a type of loan that buyout shops can obtain to finance part of an equity investment in a specific company.

Logo above the entrance to the Sanofi SA headquarters in Paris, France, on Thursday, Feb. 1, 2024.

Photographer: Nathan Laine/Bloomberg

Back leverage is one of a range of options that CD&R ...