Issa no problem: Asda buyout vaults brothers to top of levfin borrower table

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By Owen Sanderson
05 Oct 2020

Friday’s confirmation that the Issa brothers, backed by TDR Capital, had won the auction for UK supermarket Asda, catapulted them into the super league of borrowers in European leveraged credit — the handful of entrepreneurs whose appetite for debt surpasses market appetite to lend to a single capital structure.

Like John Malone’s Liberty Global, Patrick Drahi’s Altice, and Jim Ratcliffe’s Ineos, the Issa brothers, Mohin and Zuber, have now hit a point where lenders are reluctant to add further exposure to a single company.

For entrepreneurs like these, the most efficient financing for their corporate groups comes ...

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