Is buyout financing so scarce that private equity firms would rather spend the next few months with government bureaucracies than skittish lenders? That could be the case for the Fortress-led group buying Penn National.

Although the $6.1 billion buyout was announced in June, an extensive multi-state licensing process should keep bankers from hitting debt markets for months — which could be welcome news with lenders leery of LBOs, particularly in the commercial mortgage backed securities market.

Since Reuters wrote last month that the CMBS (commercial mortgage-backed security) portion of Carlyle’s Manor Care buyout has investors concerned about the whole $6.3 billion deal, shares of the nursing home operator have dropped 3 percent to $64 — below the $67 offering price, despite the company’s assurance that closing was on track.

With the outlook uncertain for commercial property loans, the group buying Penn National may hope that regulators take their time. 

(Image credit: wired.com)