BAT Industries said it arranged $3.2 billion...

BAT Industries said it arranged $3.2 billion in financing for its proposed acquisition of Los Angeles’ Farmers Group by the British firm’s wholly owned U.S. subsidiary, BATUS. BAT offered $60 cash per share for the insurance holding company’s common stock, making a total price of about $4.2 billion. Farmers rejected the offer last month, but BATUS, based in Louisville, Ky., requested a meeting with the company to review the terms. The revolving credit facility involves banks in North America, the United Kingdom, Western Europe and Japan.