NEW YORK (Reuters) - Power company TXU Corp TXU.N said its takeover by Kohlberg Kravis Roberts & Co KKR.UL and TPG Capital LP TPG.UL will be financed by a $24.5 billion senior secured bank loan and $11.25 billion in senior unsecured bridge loans.

The financing is the next big test for the credit markets after First Data Corp. managed to sell more than $9 billion in term loans last week to finance its $26 billion takeover by KKR, and will be closely watched by Wall Street as a harbinger of future debt deals.

The credit markets have been in turmoil since the summer, sparked by an implosion of the subprime market.

TXU said that of the $24.5 billion financing, $20.55 billion will be in the form of term loans. TXU is being bought for $32 billion excluding debt, or $69.25 a share.

The underwriters financing TXU's leveraged buyout are expected to begin syndicating part of the $24.5 billion bank loan as early as next week, investor sources told Reuters LPC.

The underwriters are expected to sell only a portion of the company's planned $20.55 billion term loans initially, due to the loan market's inability to digest large amounts of bank debt.

The financing will be led by Citigroup (C.N: Quote, Profile, Research), Credit Suisse (CSGN.VX: Quote, Profile, Research), JP Morgan (JPM.N: Quote, Profile, Research), Goldman Sachs (GS.N: Quote, Profile, Research), Lehman Brothers LEH.N and Morgan Stanley (MS.N: Quote, Profile, Research).

Dallas-based TXU earlier said the deal, approved by shareholders in September, was expected to be completed on October 10.

(Reporting by Faris Khan, writing by Megan Davies)