Private Equity

  • CVC-owned April preps rapid refi

    French insurance brokerage April, a CVC portfolio company, has returned to the leveraged loan market to refinance the acquisition debt it raised in April, taking advantage of squeezed credit spreads and the expiry of its six month call protection.

    14 Nov 2019

  • KKR stacks up dry powder with monster new fund

    KKR announced has closed its European Fund V, a €5.8bn vehicle looking for deals in western Europe. The company’s EMEA private equity funds are investing a combined $11.6bn at the moment, meaning the new fund offers a huge increase in firepower.

    05 Nov 2019
  • Caffeinated high yield buzzing as coffee bonds mandated

    Caffeinated high yield buzzing as coffee bonds mandated

    Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names.

    15 Oct 2019
  • ‘Net short’ clause might fail, but win anyway

    ‘Net short’ clause might fail, but win anyway

    Clauses to stop investors who are ‘net short’ a particular credit influencing any restructuring or default are becoming more common, with buyout debt for Bain Capital’s Kantar spinout and Blackstone’s Merlin take-private including the new terms. These may not be watertight, but that doesn’t matter — the point is to make it awkward for investors taking this approach.

    08 Oct 2019
  • Bain and Blackstone buyout bonds clamp down on ‘net short’ investors

    Bain and Blackstone buyout bonds clamp down on ‘net short’ investors

    The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.

    07 Oct 2019
  • Deal-hungry EG Group unveils latest acquisition financing for Cumberland

    Deal-hungry EG Group unveils latest acquisition financing for Cumberland

    TDR Capital’s EG Group, formerly known as Euro Garages, started marketing high yield bonds in dollars and euros this week to part-fund its takeover of US peer Cumberland Farm, its largest acquisition during a two year spree that has left investors holding billions of the group’s debt. The Cumberland purchase has pushed EG’s bonds issued in May around five points lower.

    07 Oct 2019
  • Pension fund CDPQ doubles down on private equity in hunt for yield

    Pension fund CDPQ doubles down on private equity in hunt for yield

    For Canadian pension fund CDPQ, direct investments in private equity have become a crucial part of portfolio management. As the political debate around PE firms heats up globally, the Quebec pensioners are enjoying the fruits of CDPQ’s foray into the risky, demanding asset class that is off-limits for many smaller pension funds.

    03 Oct 2019
  • BAML securitization MD joins Apollo

    BAML securitization MD joins Apollo

    Jesus Rio Cortes, a managing director at Bank of America Merilll Lynch in the EMEA securitization group, has joined Apollo Global Management.

    26 Sep 2019
  • Blackstone tilts the odds, takes cash out of Cirsa

    Blackstone tilts the odds, takes cash out of Cirsa

    Cirsa, a Latin America-focused gambling company owned by Blackstone, raised new PIK toggle debt this week to pay a dividend, thereby derisking its initial investment — by selling bondholders what looks like a top-of-the-market trade. But the company generates plenty of cash, and investors showed up in force, allowing it to boost the size of the bond and associated payout.

    26 Sep 2019
Private Equity News Archive