Financing
Doughty Hanson secures £205m debt package for ASCO
Doughty Hanson has leveraged oil and gas portfolio company ASCO with a £205m senior debt package.
Moody's cuts German credit outlook
Moody's has indicated it may downgrade Germany's Aaa credit rating, which could make financing operations in Germany more difficult.
Stork high-yield refinancing postponed
Stork Technical Services, backed by Arle Capital Partners, has suspended its €315m high-yield bond issue, citing tough market conditions.
Tikehau IM and Macquarie team up for debt programme
Tikehau Investment management and Macquarie Lending's corporate and asset finance group have partnered to offer debt funding solutions to French SMEs.
Moody’s forecasts €33bn+ LBO default
More than a quarter of unrated private equity LBO debt will default by 2015, according to ratings agency Moody’s.
Scandinavian banks downgraded by Moody's
Moody's has downgraded some of the most popular private equity debt providers in Scandinavia.
Eurazeo's Europcar turns to high-yield for refinancing
French car rental company Europcar, a portfolio company of listed private equity group Eurazeo, has raised €324m on the high-yield market to refinance its debt.
High yield to revive Europe's loan market
High hopes for bonds
JPEL extends credit facility with Lloyds TSB
JP Morgan Private Equity Ltd (JPEL) has extended a $150m multi-currency credit facility with Lloyds TSB Corporate Markets.
CEE Congress: regional banks lose ground to debt funds
Regional CEE banks are expected to lose ground to specialist debt funds in the local leverage market, according to a sentiment survey for the unquote” CEE Congress in London this morning.
Lenders urge GPs to talk about refinancing
The well-documented 2014 “wall of debt” is pushing many GPs down the refinancing route. Easier said than done given the current lending climate – but early birds could stand a better chance of catching the proverbial worm. Greg Gille reports
PE-owned SPIE in €375m high-yield refinancing
French engineering group SPIE, acquired by a consortium of private equity houses last year, has priced a €375m high-yield bond to refinance the debt structure put in place at the time of the buyout, according to reports.
Endless moves into asset-based lending
UK-based turnaround specialist Endless has launched Encina, a new business providing both asset-based lending (ABL) and equity investments.
Investec provides debt for 2M co-founder buyout
Investec has provided a debt facility for chairman and co-founder Mottie Kessler's buyout of 2M.
Could high-yield bonds tackle the refinancing wall?
The wall of refinancing, the burden of LBO debt set to mature in the next two years, is uncomfortably close, leaving the private equity industry to come up with a new structured product to preserve the credit line. But as the industry looks towards the...
Debt providers: “One-stop shops” gaining ground
Faced with a tough bank lending environment, PE houses are increasingly turning to “one-stop shops” to leverage their deals. Indeed, alternative debt providers are looking forward to a busy 2012, as Greg Gille finds out.
Leverage in 2012: liquidity still a concern
The latter months of 2011 have been characterised by diminishing liquidity and a great deal of volatility in financial markets, and it is these two interplaying factors that will perform the most significant role in shaping the year to come.
Ian Brown to lead Acquisition Finance at Lloyds
Ian Brown has been appointed to head up the Acquisition finance division of Lloyds Bank Corporate Markets. Brown was formerly Head of European Origination for Lloyds.
Debt fears see all-equity investments wane
The economic climate should be a hotbed for all-equity investments, but the data disagrees. Anneken Tappe reports
Antea buys stake in trading specialist
Antea has bough a 33.3% stake in Amsterdam Capital Trading Group.
Syndication woes spell trouble for German buyouts
At a time when many GPs have finished divesting their vintage portfolios and are looking for fresh investments, the German leverage market is experiencing difficulties with loan syndication, threatening future buyouts. Diana Petrowicz investigates
PE firms creating bidding wars over contingent forwards
Deal-contingent trades, which allow PE houses to hedge their FX risk, have seen a strong revival recently, creating stiff competition among banks.
Mezzanine: Waiting for the rain
Mezzanine players have endured a drought for some time now. The first rain clouds may just have appeared on the horizon, as Emanuel Eftimiu finds out.
PE "at a disadvantage" – Takeover Panel
Speaking on behalf of the BVCA, CEO Mark Florman said: “The proposed change to the Takeover Code of a 28-day ‘put up or shut up’ limit creates a new, un-level playing field between cash-rich coporates and private equity firms, which must secure...