Stella’s failed recap set for boost after CVC takes majority holding

07 Feb 2008

The struggling A$1.1bn leveraged loan for Australian travel agency and hotel operator Stella Group got a boost this week when CVC Capital Partners, one of the most active private equity firms in Asia, bought a majority stake in the company.

Bankers said that property and investment company MFS Pacific Finance’s decision to sell 65% of Stella would make the UBS-led loan more attractive in syndication.

The A$1.1bn Stella recapitalisation was launched into syndication last August but failed. EuroWeek understands that no lenders have bought into the deal, despite ...

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