Private Equity

  • Kiloutou scores flexibility with loan-to-bond refi

    Kiloutou scores flexibility with loan-to-bond refi

    French equipment leasing firm Kiloutou locked in an opportunistic refinancing of its loans with a new dual tranche €820m high yield bond on Thursday, easing its covenant constraints at the expense of adding call protection. At initial talk, the deal appeared to have little pricing rationale, but the market proved keen to support it, and the company added an extra €40m and priced through guidance.

  • CVC-owned April preps rapid refi

    French insurance brokerage April, a CVC portfolio company, has returned to the leveraged loan market to refinance the acquisition debt it raised in April, taking advantage of squeezed credit spreads and the expiry of its six month call protection.

  • KKR stacks up dry powder with monster new fund

    KKR announced has closed its European Fund V, a €5.8bn vehicle looking for deals in western Europe. The company’s EMEA private equity funds are investing a combined $11.6bn at the moment, meaning the new fund offers a huge increase in firepower.

  • Caffeinated high yield buzzing as coffee bonds mandated

    Caffeinated high yield buzzing as coffee bonds mandated

    Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names.

  • ‘Net short’ clause might fail, but win anyway

    ‘Net short’ clause might fail, but win anyway

    Clauses to stop investors who are ‘net short’ a particular credit influencing any restructuring or default are becoming more common, with buyout debt for Bain Capital’s Kantar spinout and Blackstone’s Merlin take-private including the new terms. These may not be watertight, but that doesn’t matter — the point is to make it awkward for investors taking this approach.

  • Bain and Blackstone buyout bonds clamp down on ‘net short’ investors

    Bain and Blackstone buyout bonds clamp down on ‘net short’ investors

    The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.

  • Deal-hungry EG Group unveils latest acquisition financing for Cumberland

    Deal-hungry EG Group unveils latest acquisition financing for Cumberland

    TDR Capital’s EG Group, formerly known as Euro Garages, started marketing high yield bonds in dollars and euros this week to part-fund its takeover of US peer Cumberland Farm, its largest acquisition during a two year spree that has left investors holding billions of the group’s debt. The Cumberland purchase has pushed EG’s bonds issued in May around five points lower.

  • Pension fund CDPQ doubles down on private equity in hunt for yield

    Pension fund CDPQ doubles down on private equity in hunt for yield

    For Canadian pension fund CDPQ, direct investments in private equity have become a crucial part of portfolio management. As the political debate around PE firms heats up globally, the Quebec pensioners are enjoying the fruits of CDPQ’s foray into the risky, demanding asset class that is off-limits for many smaller pension funds.

  • BAML securitization MD joins Apollo

    BAML securitization MD joins Apollo

    Jesus Rio Cortes, a managing director at Bank of America Merilll Lynch in the EMEA securitization group, has joined Apollo Global Management.

Private Equity News Archive