JPMorgan Chase and Bank of America are preparing to market approximately $2.4bn in leveraged loans backing CVC Capital Partners' acquisition of International Flavors & Fragrances' (IFF) food ingredients business, according to a report by Bloomberg.

The banks are reportedly expected to begin pre-marketing the cross-border financing to selected investors before launching a broader syndication process in the coming weeks. JPMorgan will oversee the euro-denominated tranche, while Bank of America will manage the dollar portion, potentially worth around $1.5bn.

CVC reportedly agreed in May to acquire IFF's food ingredients division in a transaction valuing the business at $4.3bn, with IFF retaining a 10% stake. The business supplies texturants, emulsifiers and other specialist ingredients used across the food and beverage industry.

The financing comes as banks seek to distribute underwriting commitments ahead of year-end, with additional debt packages supporting CVC's acquisitions of bakery ingredients supplier Irca and DSM-Firmenich's animal nutrition and health division also awaiting syndication. The transactions form part of CVC's wider expansion in the global ingredients sector.