Subway seeks $10 billion sale through debt plan.

Subway is exploring a sale for over $10 billion and a $5 billion debt plan could help make it happen. JPMorgan Chase & Co. has put forward a debt financing package to show buyout firms they can borrow enough to meet Subway’s $100 billion-plus valuation. Second-round bids for Subway came in last week from more than 10 private-equity firms including Bain Capital, TPG, Advent International Corp, TDR Capital, Goldman Sachs’s buyout arm and Roark Capital. Subway has been in the midst of a turnaround, which could help the company meet its $10 billion-plus valuation.