DZ, UniCredit close HSE24 recap

10 Mar 2011

Axa Private Equity has recapitalised a portion of its equity in Home Shopping Europe (HSE24), the TV shopping company, increasing the firm’s leverage ratio.

The private equity firm bought HSE24 in November 2009 with a 100% equity cheque, and raised Eu112.5m of senior loans in August 2010 to refinance parts of its shareholder loans and leave the company less than three times leveraged.

The same syndicate, led by UniCredit and DZ Bank, ...

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