
PEP-owned American Stock Transfer refinances debt – report
Pacific Equity Partners (PEP) is said to have tapped the US markets to refinance $480 million in debt held by portfolio company American Stock Transfer (AST). This is the third time in less than two months that firms owned by the Australian GP have completed refinancing activities.
AST issued a covenant-light, seven-year facility - $300 million in first-lien loans and $180 million in second-lien loans - according to The Wall Street Journal. This package replaces mezzanine debt held by Intermediate Capital Group and Goldman Sachs.
Speaking to AVCJ earlier this month after movie theater operator Hoyts Group raised $450 million in the US high-yield market, Tony Duthie, managing director at PEP, said refinancing options were being considered for several portfolio companies. Share registry operator Link Group subsequently secured a A$710 million ($681 million) facility in the domestic market.
PEP bought AST in 2008 for $910 million. The company is the largest stock transfer agent in the US by number of corporate issuers.
The impetus for Australian companies taking advantage of strong liquidity in the US lending market came from the restructuring of Nine Entertainment led by Apollo Global Management and Oaktree Management. The investors secured $700 million in US Term Loan B financing.
Earlier this week, GenesisCare, a healthcare business controlled by KKR, followed suit, issuing $245 million in $245 million in first lien, senior secured Term Loan B financing, plus a revolving credit facility of A$30 million ($28 million).
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