Private Equity

  • Bankers fret over LBO pipeline as auctions dwindle

    Bankers fret over LBO pipeline as auctions dwindle

    After a furious start to the year, leveraged finance bankers are now worrying about what’s next for new money leveraged buyouts, with few corporate carve-outs on the horizon and a plethora of political pain points to keep sponsors on the sidelines. Owen Sanderson reports.

  • Credit Suisse starts syndication of Zayo buyout debt

    Credit Suisse starts syndication of Zayo buyout debt

    Credit Suisse has started general syndication of more than $5bn of debt funding EQT and Digital Colony’s acquisition of Zayo, one of last year’s largest LBOs. The dollar market will take the lion’s share of the acquisition loan, with $4.235bn of first lien on offer, but even the euro tranche is substantial, at $825m-equivalent.

  • Vivacom takeover package prints through tights but PIK lags

    Vivacom takeover package prints through tights but PIK lags

    Southeast European telecoms group United Group, a BC Partners and KKR portfolio company, is marketing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.

  • PE seeks new exit as MiFID grinds public markets

    PE seeks new exit as MiFID grinds public markets

    Private equity firms are looking at different ways of monetising their investments, rather than the usual IPO routes, as regulation makes smaller firms less viable in the public markets. Alternative capital providers outside the usual buyout community are also boosting their allocations to private assets.

  • Cobham take-private debt starts syndication

    Cobham take-private debt starts syndication

    Loans backing Advent’s takeover of UK defence contractor Cobham, which received government approval over Christmas, have started general syndication, bringing welcome new money loans with a margin on the right side of 400bp.

  • United preps bond financing package for Vivacom takeover

    United preps bond financing package for Vivacom takeover

    Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.

  • 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.

Private Equity News Archive