Bank of America and JPMorgan Chase are preparing to launch about 2.4 billion dollars of debt financing to back CVC Capital Partners’ acquisition of International Flavors and Fragrances’ food ingredients business, Bloomberg reported on November 4, citing people familiar with the matter. The banks are expected to begin pre marketing the cross border leveraged loans to a select group of investors before a broader syndication in the coming weeks.
JPMorgan is leading the euro denominated tranche and Bank of America the dollar portion, which could total about 1.5 billion dollars, according to the reporting. The figures are approximate and subject to the syndication process; neither bank nor CVC has published terms.
The underlying deal was agreed in June 2026: IFF is selling its food ingredients business, a supplier of texturants, emulsifiers and plant based solutions that generated nearly 3.1 billion dollars of revenue and about 430 million dollars of EBITDA in 2025, to funds advised by CVC at a value of about 4.3 billion dollars, roughly ten times that EBITDA. IFF will retain a minority stake of about 10 percent, expects about 3.8 billion dollars of net cash proceeds at closing, and has said the bulk will go to debt reduction. Completion is expected by the end of the second quarter of 2027, subject to regulatory approvals.
A 2.4 billion dollar loan package against a 4.3 billion dollar value implies the rest of the purchase price is equity and the retained stake, a leverage level the loan market has absorbed for defensive food ingredients assets this year. Pricing, when pre marketing begins, is the number to watch.