Oaktree launches €220m Stock Spirits recap

08 Aug 2011

Private equity firm Oaktree, owner of drinks group Stock Spirits, is raising €220m of leveraged loans to recapitalise the central European firm and bring its leverage back up to around 2.5 times Ebitda.

Oaktree has opted not to take a dividend to ensure syndication wraps up as quickly as possible.

“A dividend recap is certainly possible in CEE,” said one leveraged finance banker. “The region is quite detached from the turbulence — just compare Czech and Polish CDS to Spanish and Italian.

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