John Deere Landscapes plans credit facility for buyout by CD&R

By Sara Rosenberg

New York, Oct. 28 - John Deere Landscapes plans on getting a new credit facility to help fund its purchase by Clayton, Dubilier & Rice from Deere & Co., according to an 8-K filed with the Securities and Exchange Commission on Monday.

One of the conditions of the buyout is that $175 million of borrowings are available under the new credit facility, the filing said.

UBS Securities LLC, ING Capital LLC, HSBC Securities (USA) Inc. and Natixis Securities North America Inc. are leading the debt.

Upon closing, Deere will initially retain a 40% ownership stake in the new standalone company.

The carve-out transaction is valued at about $465 million.

John Deere Landscapes is an Alpharetta, Ga.-based distributor of landscaping products sold primarily to professional landscape contractors for use in residential and commercial settings.

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