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Goldman Sachs, Jefferies Lead €1.5 Billion Debt Sale for Lone Star's Lonza Acquisition

Apr 23, 2026 13:46 UTC
LONN.SW
Short term

Lenders are initiating the syndication of €1.5 billion in debt to fund Lone Star Funds' purchase of Lonza's capsules and health ingredients unit. The process is currently in the investor appetite phase before moving to general syndication.

  • €1.5 billion ($1.75 billion) debt package being syndicated
  • Financing supports Lone Star Funds' acquisition of Lonza's health ingredients business
  • Goldman Sachs and Jefferies acting as lead lenders
  • General syndication slated for the current quarter
  • Initial phase focuses on gauging investor appetite

Goldman Sachs Group Inc. and Jefferies Financial Group Inc. are preparing to market €1.5 billion ($1.75 billion) in debt financing. This capital is specifically earmarked to support Lone Star Funds in its acquisition of the capsules and health ingredients division of Lonza Group AG. The lead banks are currently engaging with a select group of investors to gauge appetite for the debt package. This preliminary sounding process is a standard operational step used to ensure market demand before the financing is opened to a broader audience. Following the initial phase, the lenders expect to launch the financing for general syndication within the current quarter. Because the deal remains private, the banks have not disclosed the specific terms of the debt instruments to the wider market. This transaction underscores the ongoing activity of private equity firms in the healthcare and specialized ingredients sector. For the financial markets, the successful placement of this debt will serve as a barometer for current investor appetite for leveraged finance in industrial carve-outs.

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