Leveraged finance
Blackstone completes dividend recap of India's Mphasis
Indian IT services provider Mphasis has issued $500 million in bonds, the proceeds of which will be used to recapitalize its debt and make a dividend payment to majority owners The Blackstone Group and GIC Private.
Outbound M&A finance: The safer bets
China’s outbound M&A market has taken off in recent years, but many are skeptical that purchasing companies will be able to handle the financial and operational burdens they have taken on
Australia mezzanine: Compromise solution
The rise of holdco PIK debt has created Australia-based financing structures in which senior lenders and mezzanine providers can coexist. They also offer GPs greater flexibility at what is, for now, an acceptable price
KKR-owned MMI completes $580m refinancing
MMI, a Singapore-based hard disk drive components manufacturer owned by KKR, has secured a $520 million term loan and a $60 million five-year secured revolving credit facility to refinance its outstanding debt.
Leveraged finance: Coming to America?
It has become increasingly costly for private equity firms to access borrower-friendly US financing for leveraged buyouts in Asia. The US markets are fickle and volatile, but Asian banks are also stepping up
VIDEO: Bain Capital's John Connaughton
Global buyout deal flow reached $332 billion in 2014, the highest annual total in seven years according to Preqin, in part thanks to cheap credit in the US. However, John Connaughton, managing director at Bain Capital, argues that the market has yet to...
Indonesia acquisition finance: Squeezed at the margins
With bumper LBOs few and far between, banks see limited opportunities for leveraged finance in Indonesia. And in the prevailing economic climate, they aren’t generous at acquisition or operating company level
Australia distress: Sifting the strain
The low-hanging fruit created by the post-global financial crisis troubles of highly-leveraged Australian companies has mostly been picked. Distress investors are looking in smaller and less obvious places
India to allow LBOs for distressed assets
Indian banks will be allowed to support leveraged buyouts of distressed companies by “specialized entities” according to plans released by the Reserve Bank of India. Under a liberalized regulatory regime for asset sales, sector-specific private equity...
Baring Asia adds leverage to Hexaware acquisition
HT Global IT Solutions Holdings, an affiliate of Baring Asia, has pledged its entire stake in Indian business processing outsourcing (BPO) firm Hexaware Technologies with Standard Chartered Bank to help pay for its acquisition.
Acquisition finance: Familiar territory?
Once regarded warily by banks due to the lack of security in providing offshore financing against onshore assets, Asia buyouts that rely on offshore holdco structures are increasingly sought after.
Lloyds sells Australia loan portfolio to Bain credit affiliate
Bain Capital credit affiliate Sankaty Advisors has agreed to pay Lloyds Banking Group A$371 million ($335 million) for loans held by BOS International Australia. It is the latest in a series of divestments from the BOS loan portfolio after KKR and Allegro...
Creditors to assume control of New Zealand’s MediaWorks
MediaWorks Holdings, a new company owned by a consortium of lenders, including Oaktree Capital and TPG Capital, has signed a conditional sale and purchase agreement for the New Zealand broadcaster and its subsidiaries.
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...
KKR-backed GenesisCare taps US debt markets
GenesisCare, a healthcare business controlled by KKR, has become the latest Australian PE-backed company to refinance its debt via the US high-yield market. A string of corporates are taking advantage of strong liquidity in the US leveraged market, where...
PE-owned MediaWorks New Zealand enters receivership
Creditors are poised to take control of Ironbridge Capital-owned MediaWorks as the New Zealand broadcaster and its subsidiaries went into receivership.
Billabong turns to refinancing options as buyout talks falter
Embattled Australian surfwear company Billabong has discarded the possibility of a takeover by two PE-backed suitors and is now looking at asset sales and alternative means of refinancing its debt. The private equity firms involved in the bids – Altamont...
PE-owned Australian power producer targets US debt issue – report
Alinta Energy, the Australian power producer controlled by TPG Capital, is said to be planning to raise at least $1 billion through a debt offering in the US. It joins a growing list of private equity-owned companies that are looking outside of Australia...
Gresham-owned mining contractor refinances $485m in debt
Barminco Holdings, an Australian mining contractor owned by Gresham Private Equity, has refinanced its debt through a $485 million senior note offering. The offering was oversubscribed, allowing the company to upsize the Australian dollar value to take...
PEP-owned Hoyts seeks US debt financing
Australian movie theater operator Hoyts Group, which is owned by Pacific Equity Partners (PEP), is looking to raise $450 million in the US high-yield debt market. It is the latest in a string of Australian corporates to take advantage of strong liquidity...
Citi bags Australian PE banker from UBS
Citigroup has hired leading Australian private equity banker Aiden Allen from UBS.
Blackstone, TPG among bidders for Australia's Inghams - report
The Blackstone Group and TPG Capital have reportedly placed separate bids for Inghams Chicken, Australia's largest poultry producer.
PE firms eye larger Australia deals - AVCJ Forum
Private equity investors expect to see more large-cap deals in Australia as the liquidity boom in the US provides increased capacity for debt financing.
Leveraged finance: New faces, slower processes
The withdrawal of Western banks from Australia's leveraged financing market has created opportunities for others. A general sense of caution means that, while debt is available, it won't necessarily come quickly