Leveraged finance
Focus Media receives $3.5b buyout offer from PE players
US-listed Focus Media has received a $3.5 billion offer from its chief executive and a group of private equity giants to take the company private. If the deal goes through, the leveraged buyout could be China's largest, and Focus Media could be the largest...
Babson to incrase Asia-Pacific lending
Babson Capital Management plans to increase the loans it provides in Australia and Asia, as borrowers are prepared to pay high interest rates due to the withdrawal of several European banks from the region.
NAB offloads debt in CVC-backed Nine Entertainment
National Australia Bank (NAB) has sold off its entire holding of debt in CVC-backed Nine Entertainment. The bank offloaded A$86 million ($90 million), with media reports quoting a price of A$0.85-087 on the dollar.
Leveraged lenders seek common ground
Australia’s banks have proposed a standard set of rules on who can do what in the event of a default. They say it will stimulate the mezzanine market but junior lenders claim the measures are too restrictive
MMI relies on US investors for $300m high-yield bond
KKR-owned MMI International successfully issued its $300 million high-yield bond, principally attracting interest from US investors due to their familiarity with the sector and the company’s customer base. The five-year non-call bond was priced at a...
KKR-backed MMI plans $300m high-yield bond issue
MMI International, a KKR portfolio company, plans to issue a $300 million high-yield bond to refinance debts incurred through its 2007 buyout. The move indicates that non-traditional funding channels are opening up for private equity firms at a time when...
PE financing: Lagging leverage
Spooked by wider economic issues, European banks are pulling back from the leveraged buyout market. This presents a further challenge to private equity firms already adjusting to tighter financing conditions
Yahoo chairman to step down, future of Asian assets unresolved
Yahoo is replacing its chairman and three other directors as it continues to restructure its business, a process that includes the potential spin-out of its Asia-based assets to a consortium comprising Alibaba Group, Softbank and some private equity players.
Nine Entertainment’s creditors draw up plan to push out CVC
Creditors of Australia’s Nine Entertainment have put together a proposal to convert their debt to equity which would wipe out the majority of current owner CVC Capital Partners’ interest in the firm. Hedge funds Oaktree Capital and Apollo Global Management...
Asia property funds not suffering from European bank pullback
Most large Asian real estate funds are not suffering from a pullback in lending as a result of the euro zone difficulties because their exposure to European banks is minimal, according to a survey by the Asia Pacific Real Estate Association.
Global buyout firms warn of tightening credit markets
Henry Kravis, co-founder of KKR, said that private equity deals are becoming more expensive as debt markets tighten and the cost of capital goes up.