A crowd of banks is trying to secure roles on the debt that will support Curium's purchase of radiopharma maker Lantheus before the financing is handed to the broader market next year. JPMorgan Chase & Co. is running point and Jefferies Financial Group Inc. is also included, said people who asked not to be named because the discussions are private. These mandates are prized for fat fees and the league-table lift that can feed into year-end pay.
In August, Capvest Partners-backed Curium struck a deal to take Lantheus private, a move that may total about $8 billion in value. The agreement features an initial consideration of roughly $102.50 for each Lantheus share, plus as much as an additional $12 per share via contingent value rights linked to hitting specified commercial milestones.
According to an August filing, the package includes a senior secured Term Loan B of $4.25 billion that bankers plan to syndicate broadly next year, adding to a queue of buyout debt anticipated for 2027. The package also includes a secured revolving credit line that can be drawn in multiple currencies, along with a $1.125 billion payment-in-kind facility that has been arranged in advance. PIK debt sits low in the repayment stack and lets interest build up over time, with the tab due when the loan matures.
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The financing is expected to be syndicated to investors next year. Capvest and JPMorgan's spokespeople offered no comment. Curium, Lantheus and Jefferies did not immediately answer requests for comment. On the business side, Lantheus gets most of its sales from Pylarify, a radiotracer used to assess whether prostate cancer has spread, and Curium provides radioactive tracers employed in nuclear medicine to aid diagnosis of cancer as well as heart, bone and brain disorders.
If you follow this space for your own portfolio, keep an eye on when the Term Loan B formally launches and how investor demand shapes pricing and terms. It is a small window into how hungry the market is for new leveraged loans - and how confident lenders feel about risk heading into 2027.
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