Leveraged buyouts are increasingly backed by nonbank financing as banks shy from deals because of tighter regulations on such lending in the wake of the 2008 financial crisis. For example, Jefferies Group, owned by Leucadia National, loaned $1.4 billion for Surgery Center Holdings' buyout of Symbion Holdings. JPMorgan Chase and Morgan Stanley declined to join in the financing, even though both have in the past financed Surgery Center operations.

Related Summaries