bridge financing

The $44-million fund, supported by public and philanthropic dollars, is intended to bridge financing gaps and accelerate development.

The portfolio comprises fund subscription credit lines extended to private-equity firms to help manage liquidity and bridge financing for investments and includes $9 billion of funded loans.

AGCO, which also said it would place its grain and protein business under a strategic review as it seeks to transform its portfolio, has secured $2.0 billion in fully committed bridge financing from Morgan Stanley for the transaction.

The New York-based company said it has received fully committed bridge financing for the cash part of the transaction, and plans to issue about $5.9 billion of debt between the signing and the closing of the deal.

"They went and got bridge financing from first a bank, then in February 2022 they got a second loan of $6 million from two different companies," Lowell said.