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GC Asia
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Sponsors seek specialist debt funds for cash injections as central banks refuse support
Private equity funds are considering how to support their portfolio companies with cash injections or rescue financings, with some sponsors turning to a select group of specialist buyers still willing to lend money against the right structure.
25 Mar 2020 -
Financing firm for KKR’s Viridor buy despite market chaos
Banks financing KKR’s £4.2bn purchase of waste management firm Viridor from Pennon were able to demonstrate certainty and deliverability of the financing for the deal to the Pennon board, despite chaotic markets which have seen rapid plunges in the prices of leveraged loans and high yield bonds.
19 Mar 2020 -
CapVest cans Curium sale as carnage hits M&A
CapVest has cancelled the planned sale of Curium Pharma, as market conditions wrecked the investment appetite of the three final round bidders and banks cut financing commitments. It was one of the larger M&A financings slated for syndication in the second quarter, but with the Crossover index now trading over 650bp, compared with close to 200bp when first round bids were due, the three sponsors in the final round would have struggled to get a deal away.
18 Mar 2020 -
Levfin lurches wider but powers on
The leveraged loan market has taken a leg wider as coronavirus fears sweep the capital markets. But the primary markets are sucking up the larger discounts and fatter margins and forging ahead, with Polynt-Reichold, Genesis Care, and Inspired Education pressing on and printing deals this week.
05 Mar 2020 -
Pollen Street and investment trust board go to war over planned sale
Pollen Street Capital and the board of an investment trust it advises are locked in a fight over the potential sale of the investment trust to Waterfall Asset Management, with the board describing Pollen Street’s data room as “of no meaningful use whatsoever and a complete waste of time”.
05 Mar 2020 -
CDR bids for Huntsworth in mid-market take-private
Clayton, Dubilier & Rice has launched a take-private bid for UK based healthcare marketing and PR firm Huntsworth, bidding an enterprise value of £524m for the company. The debt financing for the deal is a $295m term loan and a £35m revolver provided by Royal Bank of Canada.
03 Mar 2020 -
Bankers fret over LBO pipeline as auctions dwindle
After a furious start to the year, leveraged finance bankers are now worrying about what’s next for new money leveraged buyouts, with few corporate carve-outs on the horizon and a plethora of political pain points to keep sponsors on the sidelines. Owen Sanderson reports.
20 Feb 2020 -
Genesis Care buyout offers loan buyers rare juice and a Chinese shareholder
Australian healthcare business Genesis Care is borrowing A$1.4bn-equivalent to fund the buyout of 21st Century Oncology’s US business, giving loan investors a rare chance to put money to work at a spread north of 400bp.
18 Feb 2020 -
Credit Suisse starts syndication of Zayo buyout debt
Credit Suisse has started general syndication of more than $5bn of debt funding EQT and Digital Colony’s acquisition of Zayo, one of last year’s largest LBOs. The dollar market will take the lion’s share of the acquisition loan, with $4.235bn of first lien on offer, but even the euro tranche is substantial, at $825m-equivalent.
03 Feb 2020 -
Vivacom takeover package prints through tights but PIK lags
Southeast European telecoms group United Group, a BC Partners and KKR portfolio company, is marketing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.
23 Jan 2020
