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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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Adam Forchheimer, previously head of US high yield bridge financing at Credit Suisse and a managing director in the bank’s leveraged finance division, has left the bank after 13 years to join Owl Rock Capital, a New York-based direct lending fund that targets the US middle market. -
German agriculture, energy, logistics and services group BayWa printed a €500m five year green bond on Monday, building a strong €750m book — despite some ambiguity about how to treat the unrated corporate.
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CLO activity continued unabated last week despite the three day Global ABS conference in Barcelona, with Napier Park, CIFC and Tikehau offering up deals.
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Patrick Drahi’s BidFair USA vehicle has agreed to take auction house Sotheby’s private for $3.7bn, a premium of 61% to Sotheby’s closing share price on Friday. BNP Paribas has provided committed debt financing for the all-cash deal, with Morgan Stanley joining as financial advisor.
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Germany’s Rodenstock has agreed €415m of bank debt, as the eyeglasses company’s financial metrics show sharp improvement following a recent strategic restructuring.
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Citigroup is in the market with a refinancing of metals waste management company Befesa, following Triton Partners’ exit from the 18.6% stake it held in the company earlier this month through a block trade. The company is raising a €526m loan to refinance its existing 2022 loan of the same amount.
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