Intellectual Property plans new debt for purchase by Onex and Baring

By Sara Rosenberg

New York, July 11 – Intellectual Property & Science is expected to get a new credit facility and issue bonds to help fund its acquisition by Onex Corp. and Baring Private Equity Asia from Thomson Reuters for $3.55 billion in cash, according to a market source.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and RBC Capital Markets LLC are the leads on the debt, with Credit Suisse left lead on the loan and Bank of America left lead on the bonds, the source added.

Other funds for the transaction will come from about $1.6 billion in equity.

Closing is expected in the next few months, subject to regulatory approval and customary conditions. The transaction is not subject to financing.

Intellectual Property & Science is a Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

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