Banks are teaming up to provide new debt to fund the merger of BradyPlus and ImperialDade, according to 9fin sources.

A syndicate of banks including JP Morgan is putting together about $3bn of new financing for the deal which is expected to refinance Brady’s existing private credit debt, the sources said. Imperial Dade’s capital structure, which includes a syndicated first lien loan and privately placed second lien loan, will remain in place.

There has been plenty of interest from private credit firms, including Blackstone, in providing new financing for the merger, according to sources; however, the new bank-led debt is expected to be broadly syndicated as opposed to privately placed, sources noted.