Private Equity

  • Banks unveil bond leg of Verisure’s €1.6bn divi package

    Banks unveil bond leg of Verisure’s €1.6bn divi package

    Banks launched the bond leg of a combined €5bn refinancing for alarm company Verisure, which will raise cash for a €1.6bn dividend to shareholder Hellman & Friedman. This payment follows the transfer of the company between two H&F funds at a €14bn valuation.

  • Europcar CDS worthless as auction misfires

    Europcar CDS worthless as auction misfires

    Some €700m of CDS contracts referencing Europcar’s debt have been rendered worthless thanks to a technical squeeze in the CDS auction on Wednesday, in a blow for investors who thought they’d hedged their exposure to the troubled car rental firm. The controversial result threatens to reignite debates about whether the CDS market is fit for purpose, ahead of an expected wave of restructurings in the year to come.

  • Carlyle launches sustainable loan for Siemens gearing carve-out

    Carlyle launches sustainable loan for Siemens gearing carve-out

    Bank of America, Deutsche Bank and UniCredit have launched the buyout funding for Carlyle’s €2bn purchase of Flender, a company making wind turbine gearing, from Siemens. On offer is a €1.045bn term loan 'B' in sustainable format, plus a €150m revolver and €125m guarantee facility.

  • Fixing Europe’s companies: the Covid rescue playbook

    Corporate finance in 2020 was utterly without precedent. Never before had so many once-stable firms seen revenues evaporate instantly, with so little visibility on when the world might recover. Companies did whatever they could to hang on, pulling every lever available to source scarce cash. As 2021 begins, so will a new phase, where the fallout of the Covid rescue playbook becomes clear. Owen Sanderson reports.

  • Restructuring revolution set to kick off in 2021

    There could be more large restructurings in Europe in 2021 than ever before, as companies seek sustainable capital structures after 2020’s rash of emergency financing. But it’s also a new horizon for the laws that govern restructuring, as countries replace a patchwork of dated and difficult insolvency regimes, and the UK exits the European Union, ending automatic recognition of its court rulings. Owen Sanderson reports.

  • House of HR goes on the attack with sub deal

    House of HR is marketing a subordinated bond to pay for recent acquisitions and to give the Naxicap portfolio company a war chest to fund campaigns to win other bid targets. High unemployment across the human resources consultancy’s major markets has hurt it, but it claims to be in a good position for a recovery.

  • HY market seizes December window

    Monday saw a flurry of new high yield financings launched, including one market debut, the €1.25bn buy-out package for BC Partners’ takeover of Italian machinery maker Industria Macchine Automatiche (IMA). Also launched on Monday were VodafoneZiggo’s green debut (see separate story), a refi for debt purchaser Encore Capital, and a sterling deal for Ford.

  • Investor group slams Ancestry voting cap term

    Investor group slams Ancestry voting cap term

    The European Leveraged Finance Association, a trade body of investors, has slammed terms in the $1bn buyout bond for which cap investor voting rights, hoping to stop the new feature in its tracks and prevent sponsors including it in European transactions.

  • CeramTec lets rating slip to fill M&A warchest

    BC Partners-owned advanced ceramics company CeramTec has issued an add-on to its term loan 'B', raising another €175m — enough to push its senior secured rating down into the single-B category. But the opportunistic move to raise new cash will give the company firepower for future M&A.

Private Equity News Archive