Citigroup and JPMorgan are seeking $2.2 billion in debt financing for ABC Technologies.

Citigroup Inc. and JPMorgan Chase & Co. are negotiating a $2.2 billion debt financing deal with investors to support Canadian auto parts manufacturer ABC Technologies Holdings Inc. According to sources familiar with the matter cited by Bloomberg News, this financing will help facilitate the acquisition of UK-based TI Fluid Systems Plc.

The financing arrangement will consist of leveraged loans and high-yield bonds, available in both dollars and euros. Sources wished to remain anonymous due to the private nature of the deal. Supported by Apollo Global Management Inc., ABC Technologies previously agreed to acquire TI Fluid Systems for approximately £1 billion ($1.3 billion) in November. Banks have begun pre-marketing to a select group of investors to gauge initial interest, and the debt sale is expected to launch soon, although plans may change. Funds will also be used for refinancing existing debt at ABC and TI Fluid, as well as covering fees and expenses.