(Bloomberg) -- Bankers are readying a mammoth debt package in case private equity firms bid for GlaxoSmithKline Plc’s consumer healthcare business after Unilever Plc’s $68 billion offer was rejected. 

The banks are modeling financings of 20 billion to 25 billion pounds ($34.1 billion) in both high-yield bonds and leveraged loans, and are considering debt denominated in sterling, dollars and euros, according to people familiar with the matter who requested anonymity due to the private nature of the discussions. If the debt package comes to pass, it would be one of the world’s biggest leveraged buyout deals.

Banks are also considering how to raise even more cash if needed, using a combination of cross-over or even investment grade financing alongside subordinated debt, they said. At the current range, the package would be about seven times EBITDA, they said. A spokesperson for Glaxo declined to comment on the debt financing plans.

Some private equity firms are considering bidding for Glaxo’s unit, but talks are at the formative stage, said two of the people with direct knowledge of the discussions. Bloomberg reported in October that Advent International, CVC Capital Partners and KKR & Co were interested in the business.

But any move by private equity firms would pit them against Unilever, whose offer was rejected by Glaxo as too low. Buyout firms often struggle to compete with big corporates in bidding wars because they can’t match the cost savings or stock component that can justify a higher price.

Separately, Unilever has held talks with banks about additional financing for a potential sweetened offer for the Glaxo unit, according to people familiar with the matter. It announced on Monday plans to sell off slow-growth brands to sharpen its focus on health and hygiene. The company could sell some of those assets, as well as non-core businesses it would get from any Glaxo deal, to buyout firms, people familiar have said.

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