Boots Debt Structure

KKR has revealed the debt structure of the $22.1 million Alliance Boots deal, with the company leveraging a 7.2 times EBITDA. The deal will include emphasis on accepting borrowing limits from banks through maintenance covenants, with the debt, falling to 5.2 times EBITDA after five years. The average for buyouts last year was 6.4 times, but in some cases reached 10 times EBITDA. For more on this story, see