Financing
2010: Leverage renaissance
"Good deals this year shouldn't fall through because of lack of financing as there is enough debt around to service the expected volume of transactions," says Lloyds' Ian Sale, who is optimistic about the prospects for leveraged buyouts in 2010.
EUROPE - Yield of dreams: unquote” explores high yield
The European high-yield market has opened once again, but, given its failings in the past, can the market shake off its reputation as a short-lived phenomenon and become a viable financing option for buyouts? To read Emanuel Eftimiu's feature see below,...
UK- LDC refinances Ultimate Products with new debt from HSBC
LDC has agreed a refinancing of portfolio company Ultimate Products, a homeware merchandise supplier, that will see HSBC inject £15m of new debt facilities into the business.
EUROPE - YELLing about debt
The painful restructuring of YELL highlights the ills of yesterday's excesses - and shows there is a lot of pain ahead, writes Kimberly Romaine .
ITALY/MALTA - Denham-back SunRay secures EUR 120m financing
Denham Capital-backed SunRay Renewable Energy has secured EUR 120m project financing to build a 24MW plant in Montalto di Castro.
Covenant amendment and maturity extension: the new refinancing?
Corinna Mitchell. a partner of Dechert LLP, outlines the options for companies inching towards default, and suggests the quickest solutions may not be best for the long-term health of the company
Now more than ever, it's who you know
Private equity has always been about backing strong management. A look at Graphite Capital's recent track record highlights how recycling talent is vital. Kimberly Romaine reports
The forgotten market
Debt markets have re-opened. Pity so few know
Open for business?
Secondary debt has been all the talk recently. Some have even said it is partly responsible for holding up the issuances of primary debt. But despite speculation, banks are saying that the secondary market is not the way forward and that the primary market...
Erring on the side of caution
Banks' unwillingness to lend is largely to blame for today's deal freeze. As they loosen the reins on leverage again, might their newly adopted uber-cautious approach continue to hold things up? Deborah Sterescu investigates
Supporting the structure
The noise of restructuring is finally making itself heard. In Italy, media reports have put some private equity-backed firms in the spotlight as they face distressed debt issues. Yacht-maker Ferretti, formerly backed by Candover and Permira, is the latest...
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...
EUROPE - Debt-free deals see sharp rise in Q4
According to unquote" data, more than a quarter of the 237 buyouts completed across Europe in the last three months of 2008 contained no acquisition leverage, while in the beleaguered UK a staggering 40% of Q4 buyouts were all-equity deals.
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