Advantage Partners seeking secondary investor for Tokyo Star Bank
Advantage Partners, the independent Japan-focused buyout firm, is seeking capital from investors to help cover the JPY170 billion ($2.04 billion) loan package it used to acquire Tokyo Star Bank in 2007 from the previous majority shareholder, Lone Star Funds, according to reports.
The loans, a combination of senior and mezzanine debt, will fall due in 2013. Advantage was said to have hired Nomura Holdings to look for a new investor for the Tokyo-based regional bank, to invest into the special purpose company formed for the original acquisition. Advantage is currently the only equity investor in the SPV, which borrowed the debt package when the fund paid around $2.2 billion to buy Tokyo Star Bank. Merrill Lynch arranged the JPY124.6 billion ($1.5 billion) package of senior loans, along with Credit Suisse and other lenders.
Earlier this year, Advantage publicly said that it was looking at exit options for the bank, either through a relisting or a trade sale. In June, leading Japanese leasing firm ORIX Corp. announced an agreement to invest some JPY10 billion ($111 million) directly into the bank.
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