Goldman Sachs, Bank of America and Barclays are preparing a $3.1bn debt financing package to support Clayton, Dubilier & Rice (CD&R) and McKesson's acquisition of Option Care Health, according to a report by Bloomberg citing people familiar with the transaction.

The financing will reportedly comprise leveraged loans alongside secured and unsecured bonds, with the timing of the debt issuance yet to be finalised. The acquisition is expected to close in the first half of 2027, potentially pushing the financing into next year.

CD&R and McKesson agreed last month to acquire the US infusion services provider at an enterprise valuation of approximately $5.8bn. Under the agreement, CD&R will hold a 51% stake, while McKesson will invest approximately $1.4bn for the remaining 49%. Option Care will be delisted from Nasdaq following completion.

The financing comes as banks begin testing investor appetite for acquisition-related debt amid subdued issuance activity. US high-yield bond sales fell 18% year-on-year to $14.6bn in October, while leveraged loan issuance declined by more than 10%. Other transactions in the pipeline include a $2.4bn financing for CVC Capital Partners' acquisition of International Flavors & Fragrances' food ingredients business.