Financing for most every leveraged deal is getting a second and third look these days, but Jeffrey Donnelly of Wachovia Capital Markets seems pretty comfortable with the Bev Hills-based hotel chain being bought by private equity giant Blackstone for $47.50 a share, or $26 billion. As the proxy outlined, the deal is being backed by Bank of America, Bear Stearns, Deutsche Bank, Goldman Sachs and Morgan Stanley. They'll finance 80 percent. Donnelly spoke to credit risk officers on Friday and says that the risk to underwriters is low. Yes, lending costs have been creeping upward since the beginning of the year, but the incremental increase since July 3, when the deal was announced, is not substantial enough to cause much concern. And keep in mind that Hilton's financial picture is good. The probability of repayment, says Donnelly in a report this morning, is high.