LBO funds wield the whip with covenant demands

Private equity firms are flexing their muscles in the loan market again to demand more aggressive terms on leveraged buyout financings — and they look likely to get their way.

  • 01 Aug 2005

Nordic Capital is seeking Skr8.9bn (Eu957m) of debt to recapitalise Ahlsell, a wholesaler of electrical, plumbing, heating, refrigeration and water equipment.

Loan investors complained this week that Nordic Capital had watered down the clause that protects lenders from a change of control at Ahlsell. Instead ...

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