First Eagle to get debt financing for buyout by Blackstone and Corsair

By Sara Rosenberg

New York, July 20 – First Eagle Investment Management plans on getting new debt financing to help fund its purchase by Blackstone and Corsair Capital from TA Associates, according to a market source.

Morgan Stanley Senior Funding Inc., UBS AG, HSBC Securities (USA) Inc., Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the lead banks on the debt.

The investment by Blackstone and Corsair reflects a total enterprise value for First Eagle of about $4 billion.

First Eagle’s senior management and investment leadership will retain significant ownership in the company. The family shareholders, who are members of the founding Arnhold family, will remain substantial shareholders in the company and will retain their role on the board following the closing of the transaction.

Closing is expected in the fourth quarter, subject to receipt of consent by both First Eagle’s mutual fund board and fund shareholders, as well as customary regulatory approvals.

First Eagle is a New York-based independent, privately held asset management firm that manages roughly $100 billion in assets on behalf of institutional and individual clients.

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