Analysis/Financing
Mezzanine to soldier on
Lenders are currently struggling under the weight of an underperforming legacy portfolio, but there may be brighter prospects on the horizon. Emanuel Eftimiu reports from Paris
Give more, take less
Buyouts are making headlines for their scarcity - but their structure is changing too. In fact, a lack of leverage and decreasing stake sizes in today's deals mean buyout houses are dipping their toes in the growth space. Kimberly Romaine reports
Night of the living debt
How the recession caught the private equity industry by surprise. Rikke Lilla Eckhoff speaks to professor Tim Jenkinson, contributing author to the European Economic Advisory Group report of the European Economy 2009
Mezz gets set to face challenges
With financing options remaining limited, many continue to assert that there are opportunities aplenty for mezzanine houses in the current market. However, there are still a range of obstacles to be overcome, writes Ashley Wassall
PIK your partners wisely
Written off as a bubble phenomenon, PIK is creeping back into companies in distress. This is likely a sign of future troubles. Kimberly Romaine reports
Debt Q&A
For months the markets have focused on the negative aspects of the credit crunch. But alas there is a silver lining - deal sourcing should be improved, allowing private equity firms to secure attractive entry multiples. unquote" editor-in-chief Kimberly...
Don't bank on it
Banks holding equity, pension funds lending money, forward start facilities - this is today's leverage market
Structural revolution
The deteriorating economic climate is putting increasing pressure on private equity portfolio companies and is likely to lead to the need for complex restructuring operations, as well as potential deal opportunities for some, in the coming months. By...
Some sunny day...
Following a near barren second half of 2008, which saw an almost complete drying up of debt financing amidst a collapse in the global banking sector, buyout houses will now be looking optimistically to the year ahead. However, it may be some time before...
Debt and the importance of being in the know
As the outlook for debt financing becomes bleaker, two Nordic buyout houses lead the way and gain in-house debt expertise, reports Rikke Lilla-Eckhoff
The last resort?
With the ongoing turmoil in the banking sector continuing to limit the availability of debt financing, buyout houses seem to be increasingly turning to asset based lenders to fill the liquidity void. By Ashley Wassall
Buy now, while stocks last
Jonathan Broome, director of Close Brothers Corporate Finance Debt Advisory Group, looks at the buying opportunities in the secondary market
Public debt
Standard & Poor’s plans to publicly rate leveraged loan tranches in excess of €1bn may help get the syndication market moving, but at what cost? Nathan Williams reports
Not mezz-ing around
Now that the door has firmly shut on cheap debt and new types of junior products, mezzanine has a way into capital structures again. But it still faces competition and challenges in today's market. Linn Ronning speaks to mezzanine specialists to find...