Apax refinances Trader Media Group

Apax, which owns a 49.9% stake, is expected to recoup £140m from the refinancing, which was executed via a covenant-lite loan.

TMG's existing debts amounted to £584m at a current rate of 200bps. As part of the refinancing, TMG will take on an additional £150m, paying 500bps. The rate of its existing facility is due to rise to 400bps.

Previous funding
Apax Partners acquired a 49.9% stake in Trader Media Group from the Guardian Media Group for around £675m in 2007. The transaction valued TMG at £1.35bn and GMG retained a 50.1% stake in the business. GMG announced in 2006 that it had decided to rebalance the group's portfolio through the sale of a minority stake in TMG. The deal was financed by a covenant-lite financing package arranged by JP Morgan.

Company
Trader Media Group is a classified directories business operating from both print and online platforms. Its flagship product is Auto Trader magazine and it publishes 70 titles worldwide. The London-headquarted company employs 3,500 people at 35 locations around the world. The business was established in 1977 before launching as a joint venture with Hurst Publishing in 1983.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Exits
• Media
• Apax Partners