Article
Blackstone and TPG Lean Toward $12.5B BSL Solution for Hologic Take-Private Bid; Record-Breaking Unitranche Also Pitched
Reporting: Michael Haley, Oscar Laurikka, Paola Aurisicchio
Blackstone and TPG are leaning toward a $12.5 billion broadly syndicated loan package to finance their potential acquisition of U.S.-based healthcare business Hologic, sources told Octus.
The deal is likely to comprise a $2.5 billion term loan A, a $5 billion to $6 billion term loan B denominated in U.S. dollars, a $2 billion-equivalent term loan B denominated in euros and a $2 billion second lien tranche, sources said, cautioning that tranche sizes are not finalized and could change.
The sponsors also considered a private credit financing comprising a $2.5 billion term loan A and a $9 billion unitranche with price talk about 450 bps over the reference rate, sources said, which would have made it the largest unitranche ever arranged, surpassing Finastra’s $5.3 billion deal from 2023.
Hologic rejected an initial approach from Blackstone and TPG in May, with news reports citing uncertainty over tariffs behind the rebuffed offer, but discussions were revived in mid-September, according to a report. Blackstone and TPG’s previous bid valued the company in a range of $16.3 billion to $16.7 billion, including debt, according to the reports.
Publicly traded Hologic is listed on the Nasdaq under ticker symbol HOLX. Its share price was last quoted at about $67.27 a share today, Oct. 8, according to Yahoo Finance, representing a market capitalization of around $15 billion.
The medical technology company reported in its third-quarter 2025 earnings that its total revenue increased by 1.23% to $1.023 billion, compared with $1.011 billion in the third quarter of 2024. Additionally, its adjusted EBITDA increased by 0.71% to $340.9 million, compared with $338.5 million in the third quarter of 2024.
Hologic’s capital structure is shown below:
Hologic’s 3.25% 2029 notes last traded on Oct. 7 at 96.99 to yield 4.2%, and its 4.625% 2028 notes last traded on Oct. 7 at 99.48 to yield 4.85%, according to MarketAxess.
Blackstone and TPG declined to comment. Hologic did not respond to a request for comment.
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