The private equity arm of MS is buying the US assets and would...

The private equity arm of MS is buying the US assets and would have funding in place through its fund for at least the equity component of the transaction. The more difficult piece is the debt that goes into the JV. Leveraged debt market in the US is at a virtual standstill due to long list of hung deals looking to clear. If MS (the investment banking bit) underwrites the debt facility then great but if not it may be hard to raise the debt to complete the transaction.