Structured finance
Australia’s PEP eyes US debt financing market
Pacific Equity Partners (PEP) is considering US refinancing options for several of its portfolio companies after a well received debt offering for movie theater chain Hoyts in May. The Australian GP is one of several to opt for US over domestic debt markets,...
Banks put up $7b for PE-backed Shuanghui’s Smithfield deal – report
Bank of China and Morgan Stanley will provide $7 billion in financing for PE-backed Shuanghui International’s buyout of a US pork producer Smithfield Foods. The proposed deal, which values Smithfield at $7.1 billion including debt.
KKR to raise $365m structured credit fund – report
KKR is said to be targeting INR20 billion ($365 million) for an India debt fund that will invest in mezzanine and structured credit instruments. Its India Alternative Credit Opportunities Fund I was registered with the Securities and Exchange Board of...
SCPE invests $75m in Asian gas project developer
Standard Chartered Private Equity (SCPE) has invested $75 million in Asia Pacific gas specialist Energy World Corporation (EWC) through a corporate exchangeable bond issue. The capital will be used to support liquefied natural gas (LNG) projects in the...
Structured solutions: GPs consider equity alternatives
Mainstream GPs in Asia are becoming more open to investments based on debt rather than equity, addressing entrepreneurs' reluctance to give up stakes in their businesses. How significant is the opportunity?
Caspian launches its first debt fund
Caspian Advisors is targeting $40 million for the first pure debt fund in India's social impact segment. The Caspian Impact Investments (CII) fund already has $10 million in commitments from FMO, Triodos Doen and Hivos-Triodos Fund and Gray Ghost Microfinance...
Continuity Capital to boost Asia credit exposure
Continuity Capital, the Australian private markets asset manager, will expand its Asia credit business from its new office in Hong Kong, with demand for debt-based products in the region expected to remain robust.
Olympus Capital launches Asia structured credit business
Olympus Capital Asia is entering the structured credit space, with a particular focus on Southeast Asia, India and Australia. Daniel Mintz, the private equity firm’s founding managing director, believes the pullback by commercial banks combined with...
Australian firms tap US high-yield market for record sums
Australian companies have raised a record $6.2 billion in high-yield debt via the US markets in the last five months. This includes about $700 million in Term Loan B financing obtained by hedge funds Apollo Global Management and Oaktree Management to...
KKR, Allegro target Australia's ailing Geon
KKR and Allegro Funds have placed Australian commercial printing company Geon Group into administration and are looking to buy parts of the business out of receivership. The pair became creditors last year following the acquisition of a portfolio of distressed...
Ironbridge-backed FleetPartners to tap debt markets
Fleet Partners, an Australian vehicle-leasing firm backed by Ironbridge Equity Partners and the Government of Singapore Investment Corporation (GIC), plans to raise more than $200 million in debt ahead of its IPO.
Nine Entertainment targets listing within 18 months
Nine Entertainment is expected to list on the Australian Securities Exchange within 18 months following its A$3.4 billion ($3.5 billion) recapitalization, according to court documents submitted this week. The company reached an agreement with its creditors...
Bain-owned MYOB to cut debt through notes offer
Accounting software firm MYOB plans to issue A$125 million ($131 million) in subordinated notes to pay down debt used to finance its acquisition by Bain Capital and also to return capital to the private equity investor. The notes will be issued on the...
KKR, Allegro pick up Australasian loan portfolio from BOS
KKR’s special situations business has teamed up with Australia’s Allegro Funds to acquire a portfolio of commercial loans from BOS International. The sale came after Lloyds International, BOS’ parent, conducted a review of its Australia and New...
Standard Chartered’s financial sponsors head gets Indonesia role - report
The head of Standard Chartered’s financial sponsors group in Hong Kong, Sarab Bhutani, has reportedly been appointed co-head of wholesale banking for Indonesia. He will be responsible for deal origination and client coverage.
TPG, Affinity-backed UTAC seeks to refinance debt – report
United Test & Assembly Center (UTAC), the Singapore precision engineering firm owned by TPG Capital and Affinity Equity Partners, is said to be seeking to refinance a portion of its debt through a $600 million bond issue.
CVC-backed Nine makes new restructuring proposal
The management of Nine Entertainment, the beleaguered Australian media company owned by CVC Capital Partners, has put forward a new proposal for restructuring its A$3.8 billion ($3.9 billion) in debt. Adrian McKenzie, CVC’s Australian managing partner...
Carlyle, Unison-backed Covalent avoids bond default
Covalent, the Japanese semiconductor materials manufacturer owned by The Carlyle Group and Unison Capital, has averted a debt default by agreeing to buy back securities from its bondholders. Much like its counterpart Renesas Electronics, which is seeking...
PE firms, sovereign funds support Alibaba’s Yahoo buyback
China Investment Corporation (CIC), Boyu Capital, CITIC Capital and CDB Capital participated in a $3.9 billion equity issue by Alibaba Group alongside existing investors including Silver Lake, DST Global and Temasek Holdings. The financing was used to...
Goldman rejects hedge funds’ Nine restructuring plan
Goldman Sachs has rejected a counter-proposal from hedge funds Oaktree Capital and Apollo Global Management for restructuring Nine Entertainment, the Australian media company owned by CVC Capital Partners.
Goldman tables Nine Entertainment debt proposal – report
Goldman Sachs has reportedly put together a restructuring proposal for Nine Entertainment that would see the Australian company’s A$3.8 billion ($3.9 billion) in debt convert to equity, writing off the vast majority of CVC Capital Partners’ investment.
CVC’s Nine sells magazine unit to service debts
CVC Capital Partners-owned Nine Entertainment has sold its ACP Magazines division to German publisher Bauer for A$500 million ($510 million). The proceeds will go towards paying down some of the Australian media company’s debt, with a senior tranche...
KKR-backed Seven West launches $450m share issue
KKR investee Seven West Media plans to raise approximately A$440 million ($450 million) through the sale of new shares in order to reduce debt levels. The Australian company, which owns the Seven free-to-air network, the country’s second-largest magazine...
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.