Goldman's mezz fund bought the junior debt of both the SolarWind LBO in the US and the TeamSystem LBO in Europe in recent weeks.
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We do not rule out an LBO, but note that Stephano Pessina, who owns over 16% of the equity, has worked with KKR in the past and would likely be a part of an LBO.
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" Steve goes, "Yeah, but I don't want to do an LBO.
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"The market is starved for new LBO paper," the banker said.
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But by the LBO rules, you're only responsible for a portion.
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LBO loan issuance slid by 22% in 2015 to US$73.4bn.
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"The Japanese LBO market is dominated by the top-tier domestic banks including the three megabanks [MUFG, Mizuho Bank and Sumitomo Mitsui Banking Corp] and it rarely leads to general syndication," said a Tokyo-based LBO banker.
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A US$13.5bn loan and bond package financed the Blackstone consortium's LBO.
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The strong interest from lenders to support the LBO is not surprising.
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Australia generated a few LBO loans that provided opportunities across domestic and international markets.
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Fees on a P2P are typically around 1.5%, the same as an LBO underwrite.
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Consolis was bought last year by Bain Capital from LBO France for an undisclosed sum.
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"I believe in today's market environment that a US$20bn LBO is very achievable," Cohen said.
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Or, even worse, that the company is going to go private in another Dell-level LBO?
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GE acquired Converteam from a private equity consortium that included Barclays Private Equity and LBO France.
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The average LBO clocked in at over $500 million, more than double the previous annual figure.
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LBO business, meantime, has been contained by regulations limiting the amount of debt taken in those deals.
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It was sold to only four banks even though it was the biggest LBO financing from Asia.
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That's why the partnership with LBO France is significant as buildings have been the bottleneck so far.
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ABI's 'BBB' rating reflects an unusual credit profile, including a very strong operational profile and LBO-style leverage.
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There are already US$11.7bn of LBO commitments on the calendar, according to data from Thomson Reuters LPC.
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It is not the first time MBK has employed such a high leverage multiple in an Asian LBO.
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"The LBO market remains strong and the debt market for these deals are good," the first lawyer added.
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"In terms of the LBO space, I think there's going to be a ton of activity," Dillon said.
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LBO volume tallied US$29.9bn during the fourth quarter of 2016, the highest since the second quarter of 2014.
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The only major underwritten high-yield deal is a 725m bond financing backing CVC's LBO of Italian gaming firm Sisal.
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N) in the biggest leveraged buyout (LBO) of the year thus far, defying a challenging financing market for such deals.
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INCREASED EVENT RISK The potential for WYN to be the target of an LBO is a perennial "event risk" concern.
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U.S. buyout house Bain bought the company from Apax and LBO France for 680 million euros after a 2013 auction.
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Completed LBO activity in the second quarter now totals US$24.7bn after volume hit US$23.1bn during the first quarter.
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Japanese LBO loans are running at a decade high, with more than US$2600bn of deals closed already this year.
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Mizuho and SMBC led a banking group that committed ¥600bn in what was Japan's largest LBO loan at the time.
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That will be a record-breaking LBO for Japan, and an unorthodox one, given the involvement of Apple, Dell and others.
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As a result of these trends and a high debt load post its 222001 LBO, the company faces ongoing refinancing risk.
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And it's a diverse group, including pre-revenue biotechs, an LBO-backed retailer (BJ's Wholesale) and a hairy under-corn (Domo).
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While several press reports suggest an 'LBO,' given Tesla's EBITDA and cash generation today, we don't see material leverage as likely.
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"LBO loans tend to pay arrangers the highest fees, but sponsors are now being beaten for deals by large corporates," Nassof said.
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For now, however, bankers shrug off such concerns, noting that pipelines - particularly on the LBO side - have already showed signs of improvement.
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KKR, which has been ramping up acquisitions in Japan over the past couple of years, completed two LBO loans in March 2017.
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Investors might reasonably ask why Tesla management would want the stock price to reflect all the premium of an LBO up-front.
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The two payments combined would have outstripped the €4.83m of equity Apollo and BPI France contributed to Verallia in its 2015 LBO.
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Goldman is looking to raise a new LBO fund at a heady point for U.S. markets, but less so for private equity firms.
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Change of control provisions in its bond indentures and the limited leveragability of its timeshare business mitigate the event risk from an LBO.
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Several sources said the only major underwritten high-yield deal is the 725m bond financing backing CVC's LBO of Italian gaming firm Sisal.
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When the holding company bonds were issued as part of LeasePlan's LBO in March, they were originally listed on the Luxembourg Stock Exchange.
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In a typical LBO, private equity firms juice up returns by loading up their acquisitions with debt, which is often provided by banks.
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Verallia is looking to raise a new bond that returns money to private equity owner Apollo less than a year after its LBO.
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Magic number is 25%: That's the statutory rate at which many LBO shops are said to believe the deducibility cuts would effectively balance out.
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The most likely one is an acquisition, but there are others like IPO (including small cap), RTO, SBO, LBO, Equity Crowdfunding and even ICO.
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In addition to that, LBO France is committing to spend $168 million (€150 million) in real estate projects over the next couple of years.
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We have then applied a 5.5x distressed EV/EBITDA multiple, considering Theramex's estimated multiple in the LBO transaction, as well as broader sector trading benchmarks.
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More Predictable Capital Deployment: The sponsors of a 2006 LBO previously directed HCA's financial strategy, but their ownership stake decreased steadily following a 2011 IPO.
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A recent middle market leveraged buyout (LBO) included a provision enabling a borrower to add-back losses related to the impact of the coronavirus outbreak.
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MORE CARVE-OUTS Market participants expect disposals from Japanese conglomerates to drive LBO activity this year as global PE firms position themselves for these opportunities.
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The natural exit of the current LBO is XXXLutz's full buyout of BUT, therefore the likelihood of an aggressive policy that could prevent deleveraging is low.
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That was tight to the low 9% initially targeted and was the smallest coupon Apollo has paid on an unsecured LBO bond so far this year.
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In October the same year, a KKR-led consortium raised a ¥98.74bn financing package from five Japanese banks for its ¥143.93bn LBO of Hitachi Kokusai Electric.
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LBO France acquired Chryso in October 2014 from French private equity firm Wendel, which split up and sold off parts of its building materials business Materis.
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Investors' strongest objection was that Verallia's shareholders would have taken out more than the 578m of equity they initially put in through an LBO last year.
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It followed a Gaw Capital-led consortium's HK$21.11bn LBO loan in March to back a winning bid for commercial properties of Link REIT in Hong Kong.
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LBO purchase price multiples of EBITA are down slightly from 10.6X last year to 10.5X so far in 2018, although it's the fourth straight double-digit year.
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But leveraged buyout (LBO) techniques are now "commoditized," and the industry is extremely saturated: PE backs 23% of America's midsized companies, and 11% of its large companies.
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Prior to that, a £9.02bn loan that backed the £11bn buyout of Alliance Boots by KKR and Pessina in April 2007 was the largest European LBO ever.
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All this adds up to too much demand and too little supply even though LBO volume is not quite as dire as some investors make it out.
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LeasePlan had to pull a 1.55bn-equivalent LBO bond in the middle of February, though extremely volatile market conditions were to blame and the transaction quickly resurfaced.
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Goldman Sachs' private debt funds have taken down a number of subordinated and second lien debt pieces this year, such as the unsecured bonds in Italy's TeamSystem LBO.
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IHeartMedia has struggled with debt that was taken on to finance a $2200 billion leveraged buyout, or LBO, in 21 of what was then Clear Channel Communications Inc.
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Covenant Review said the provisions, though slightly different, could allow both companies to be sold in an LBO without having to redeem the bonds at the make-whole price.
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In most other parts of Asia, LBO loans have typically carried leverage multiples of around five to six times given the conservatism among lenders in a bank-dominated market.
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Kirschner had sought damages for various alleged breaches, including "unlawful" dividends and fraudulent transfers, and has said Tribune officers and directors received more than $107 million from the LBO.
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Caveat: It can be very difficult for data providers like PitchBook to accurately gauge market-wide leverage multiples, given that so many LBO values and debt breakdowns are kept private.
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Non-LBO related issuance fell to US$86.01bn for the first half of the year, almost a third lower than the US$123.07bn than in the first half of 2017.
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After raising a $20 billion fund in 2007 under the Goldman name, this time the bank will call its LBO fund West Street Capital Partners, according to the Journal's report.
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The company has several common characteristics of an LBO candidate, particularly a strong FCF profile, a historical valuation discount to peers, and the potential perception of a misunderstood business model.
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But demand was tepid as it coincided with a brutal sell-off in high-beta credit that saw a Double B rated LBO deal from LeasePlan yanked from the market.
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In a report this week on a new bond offer for the LBO of medical tubing company Tekni-Plex, Covenant Review blasted a "ridiculous loophole" that encourages "abuse" by sponsors.
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For instance, Healthscope's LBO loan pays interest margins of 400bp over BBSY for the amortising term loan and revolver tranches and 425bp over BBSY for the bullet and capex portions.
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Other recent leveraged buyout loans have paid under 200bp, including Calsonic Kansei's ¥2897trn seven-year loan backing its LBO of Italian high-tech car parts maker Magneti Marelli last year.
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How it works: Top executives and managers will be allowed to effectively buy into the LBO, while hundreds of lower-paid (mostly-hourly) workers will get zero-cost stock options.
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The same year MBK wrapped up a NT$31.5bn (then US$947m) three-tranche LBO loan backing its purchase of a controlling stake in Taiwanese cable television operator China Network Systems.
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"One of the oldest and most storied LBO firms that has operated through market cycles has built up a tremendous brand," ValueAct President Mason Morfit said at the Active-Passive Investor Summit.
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LONDON, Feb 26 (IFR) - TeamSystem has eschewed plans to issue a publicly listed bond and will place its upcoming LBO debt deal privately, according to a source with knowledge of the matter.
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Digital Colony and EQT in May agreed to pay US$275 for each Zayo share and assume the company's US$2245bn of net debt, valuing the leveraged buyout (LBO) at US$218bn.
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"This may curtail issuance of corporate debt to buy back stock, and it may limit some LBO [Leveraged Buyout] activity, which creates high levels of debt," said Peter Tchir of Academy Securities.
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Private equity firm Equistone Partners Europe confirmed on Saturday that it had entered exclusive talks to buy French online travel agency Karavel-Promovacances and tour operator Fram from investment firm LBO France.
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International banks, which played major roles in some jumbo deals at the height of the LBO boom in Japan, have withdrawn from the market in the wake of the global financial crisis.
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KEY RATING DRIVERS DDV's ratings and Negative Outlook reflect headwinds to the company's operating profile as well as a longer time to de-lever post the January 2017 LBO than was originally anticipated.
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In the wake of underperformance by industry stalwarts in recent years, more investors in private equity funds have challenged the traditional 2-and-20 price model under which LBO firms operated for years.
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Blackstone's approximately US$20bn LBO of Thomson Reuters' Financial and Risk business, Refinitiv, lapped up insatiable buyside demand in September 20133, enabling it to include Ebitda add-backs based on projected cost savings.
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Sectors with high leverage and with significant leveraged buyout (LBO) activity such as technology, healthcare and aerospace and defense are expected to be hardest hit, along with gaming and business and consumer services.
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High Post-LBO Leverage: Leverage is high following the Clayton, Dubilier & Rice (CD&R) transaction in January 103 and DDV's capital deployment strategy has historically been fairly aggressive, specifically with respect to M&A.
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LONDON, May 13 (IFR) - The underwriters of Lone Star's N&W Global Vending LBO have sounded out investors on a potentially rejigged high-yield bond package, according to sources with knowledge of the matter.
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Solera's lead underwriter Goldman Sachs has made increasing use of the private placement market to shift LBO paper in recent weeks, placing much of the debt with Goldman Sachs Merchant Banking Division's mezzanine fund.
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NEW YORK (IFR) - Private equity firm Apollo sold a US$1.2bn bond this week to finance its LBO of cloud computing company Rackspace, getting plenty of interest even as critics blasted the "outrageous" deal.
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It's also worth reiterating that relatively few pre-crisis LBOs actually failed, despite some high profile examples, and that the crisis itself was not sparked by risk miscalculation (or misbehavior) in the LBO market.
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Kioxia's ¥1.028trn borrowing refinances the original LBO financing and follows other large deals that drove up syndicated loan volumes in Japan to US$237.54bn in 2019, a six-year high, according to Refinitiv LPC.
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Overdue deals include a US$264m loan supporting the leveraged buyout (LBO) by Ares for winery Cooper's Hawk and a US$23m transaction for font software firm Monotype Imaging, which is being acquired by HGGC.
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NEW YORK (LPC) - Private equity firm KKR & Co's US$9.9bn leveraged buyout (LBO) of physician service provider Envision Healthcare has helped boost private equity deal volumes to levels not seen since before the credit crisis.
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"The LBO put this massive debt on the balance sheet that the company was supposed to grow into," a lawyer for iHeartMedia told U.S. Bankruptcy Judge Marvin Isgur at a hearing in Houston on Thursday.
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But Verallia's planned 500m 5NC1 PIK toggle has drawn the most visceral reaction from the buyside, coming little over a year after Apollo Global Management gained control of the business through a June 2015 LBO deal.
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"A mega-LBO of a company notorious for its cash burn rate would be the clear sign that this is the ultimate market top," Mike O'Rourke, Chief Market Strategist at JonesTrading, wrote in a client note.
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LBO once-removed: HD Supply put its waterworks unit on the block, in part, to reduce a debt load that can be traced back to its $8.5 billion carve-out from Home Depot back in 2007.
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While Apollo and its co-investors agreed to provide $26 billion for the deal - a big equity check by LBO industry standards - the majority of the deal will be funded with bank debt and other financing.
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LeasePlan's revived 1.55bn LBO deal showed the junk bond market was very much open for business at the end of last week, pricing much tighter than where it was indicated before underwriters pulled it in February.
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"The capital structure is the most uncertain element about this development revealed via Twitter, as an LBO model would not work if existing investors were to remain as Mr. Musk claims they will," wrote Cowen's Jeffrey Osborne.
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Institutional investors are almost non-existent in the Japanese LBO market, while Japanese banks have been active investors in collateralised loan obligation (CLO) funds that are dominant in the leveraged finance markets in the US and Europe.
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Several other LBO loans from Taiwan's cable TV sector followed in later years with leverage multiples of over seven times, proving to be the norm in a hugely liquid domestic banking market, where lenders were hungry for yield.
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"In 2020, we expect the level of LBO activity to increase as private equity clients remain hungry to deploy capital and the fundamentals are strong," said James Horsburgh, head of leveraged and acquisition finance, Asia Pacific at HSBC.
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Post-crisis regulation requires that no more than 3 percent of an LBO fund's cash comes directly from the bank itself, meaning that the overwhelming majority of the fund Goldman is running will have to come from outside investors.
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LONDON, Feb 29 (IFR) - Solera plans to privately place a roughly 410m euro unsecured bond tranche, according to a source close to the deal, in order to get its US$4bn LBO debt package over the line on Monday.
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And leveraged finance bankers indicate that supply in the euro loan market should pick-up in coming weeks, with large LBO auctions for the likes of Philips Lighting and the disposals from the Ball-Rexam merger nearing their denouement.
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Under the direction of the LBO sponsors, HCA's ratings were constrained by shareholder-friendly capital deployment; HCA has so far had a more consistent and predictable approach to funding shareholder payouts under public ownership and an independent Board of Directors.
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The leveraged loan market's price surge over the past six months, combined with lingering low interest rates and robust investor demand, is driving a burst of refinancing and repricing of existing deals until M&A and LBO activity heats up.
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Another US$22017bn of loans is in the pipeline, including financing for corporate financial adviser Duff & Phelps' LBO and a US$26.8bn refinancing for yearbook and class ring maker Varsity Brands, which are both expected to close before year end.
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Both were club deals with Japanese banks – a seven-year financing of around US$1.035bn for its ¥147.1bn LBO of Hitachi's power tools unit Hitachi Koki and a ¥430bn seven-year senior financing for its ¥498.3bn buyout of Calsonic Kansei Corp.
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PARIS, Aug 1 (Reuters) - French cheese producer Bel Group, famous for its La Vache qui rit brand, has started talks with LBO France to buy a majority stake in marmalade maker MON in a drive for leadership in the healthy snacks market.
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The transaction is backed by a US$26.0bn financing, which will be the largest LBO-related credit since 22013 when food maker HJ Heinz lined up US$14.1bn to support its acquisition by conglomerate Berkshire Hathaway and private equity firm 3G Capital.
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Part of the problem hindering more LBO activity is that valuations are high and sponsors are limited in the amount of debt they can place on companies due to the federal government's Leveraged Lending Guidance, which were implemented in 2013 to limit leverage.
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In Japan, the most recent high-water mark for LBO loans was the 2017 buyout of cheese-tart shop Bake in 2017, when homegrown private equity fund Polaris Capital Group raised debt with an eight times leverage multiple, according to one banker.
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The deals show how private equity firms are expanding beyond the traditional leveraged buyout (LBO) model, which has driven most of their deals for the past 27.5 years, as they look to deploy the record $22018 trillion they have raised from their investors.
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LONDON, Feb 7 (Reuters) - Bankers are preparing up to €330m of leveraged loans to back a potential sale of chemical specialist Chryso as private equity-owner LBO France seeks an exit just under two and half years after buying it, banking sources said.
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South Korean private equity firm MBK Partners recently clubbed a debt financing of up to ¥2147.1bn with Japanese banks supporting its bid for the LBO of Godiva Chocolatier's businesses in Japan, South Korea, Australia and the future rights to develop New Zealand.
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Brookfield's two previous acquisition financings have been runaway hits with lenders – the Vodafone New Zealand acquisition financing attracted 11 banks in general syndication, apart from the six MLABs, while over 25 banks and institutional investors joined the seven MLABs on Healthscope's LBO loan.
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I came here for the business school at the GSB, Stanford, and I started my career in finance, so I worked for IFC, International Finance Corporation, then for UBS in their LBO group, and I thought that you know after that I would stay in finance.
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Given that an underwrite for a P2P takes more resources compared with an LBO as banks don't have access to the same level of due diligence on a public company as they do in a private situation, the pressure for the deal to succeed grows higher.
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The strong response was not surprising given the attractive pricing – the Vodafone New Zealand loan pays interest margins of 225bp-250bp over BKBM for three and five-year money, while the Healthscope LBO loan pays margins are 400bp-425bp over BBSY for a five-year tenor.
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"If you look at past market cycles and you look at crescendos in M&A activity or LBO activity or IPO activity ... those things tended to crest within 12 months of a market top," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina.
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"If egregious loopholes like the ones being marketed in Vivint and AssuredPartners become precedent, this will make it easier for high-yield bonds to remain in place in an LBO in situations where the bonds previously would have had to be called with a make-whole," it said.
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The LBO pipeline includes €2.5bn-€13bn of leveraged loans backing US private equity firm Hellman & Friedman's DKr33.1bn (US$5.3bn) takeover offer for payments firm Nets, as well as US$1.4bn-equivalent euro- and sterling-denominated loans for Blackstone and CVC Capital Partners' buyout of UK payment processing company Paysafe.
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KKR-owned Japanese auto parts maker Calsonic Kansei Corp raised over ¥22017trn (US$21.035bn) in Asia's largest LBO loan in April with DBS Bank the only non-Japanese lender to join in senior syndication, even though the deal was denominated partially in euros and offered to international banks.
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Including Calsonic's financing, Japanese LBO loans have already reached US$10.31bn so far this year via seven deals, surpassing the US$7.61bn via four deals in the whole of 2018 and on track to eclipse 2008's record of US$12.16bn from 24 deals, according to LPC data.
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A A$1.4bn-equivalent dual-currency financing for private equity giant KKR's buyout of Tim Tam biscuit maker Arnott's is in syndication, while Hong Kong-based private equity fund PAG Asia Capital (HK) is raising about A$300m for its LBO of quick service restaurants operator, Craveable Brands.
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SLOW FIRST QUARTER Middle market specialist Macquarie is not subject to the leveraged lending guidelines and was able to profit from the disruption at the top end of the market as buyout lending fell 29 percent from the fourth quarter to $112 billion and arrangers struggled to syndicate large LBO loans.
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"In 2016, we have observed the deal-corridor narrowing for foreign banks wishing to play in the corporate and LBO acquisition space, with the Chinese and Taiwanese banks playing a far more predominant role across the board," said Lyndon Hsu, head of leveraged and acquisition finance, Asia Pacific at HSBC.
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Gibbon has spent the last 10 years at UBS, first as executive director of loan and high-yield capital markets for four years and then as managing director, leveraged capital markets, where he was responsible for structuring, pricing and distribution of LBO loans, high yield bonds and mezzanine facilities, according to his LinkedIn profile.
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The vice-chancellor identified specific flaws in the Dell going-private deal, but, more ominously for M&A professionals, he seemed to suggest that the negotiated price in leveraged buyouts doesn't deserve deference because LBO players all use the same financial models and those models are based on their own profitability, not necessarily the "intrinsic value" of the target company.
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Morgan cited three: United Airlines' failed leveraged buyout in October 1989, which effectively ended the LBO craze of the 1980s; the AOL-Time Warner merger in 2000, which indicated the dot com bubble was coming to a close; and JPMorgan Chase's takeunder of the failed Bear Stearns investment bank in 2008, which signaled the end of the financial excesses of the previous few years.
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The two largest fundraisings were achieved by France's Ardian which pulled in 4.5 billion euros in just four months for its Ardian LBO Fund VI and Macquarie which raked in 4 billion euros within eight months of launch for its Macquarie European Infrastructure Fund V. According to Martin Stanley, global head of Macquarie Infrastructure and Real Assets (MIRA), plenty of subsectors within the broad infrastructure space offer investment potential.
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THEY SAY YOUR THREAT OF LITIGATION SMACKS OF DESPERATION THEY POINT OF COURSE TO THE DEAL THE DECENTRIS DEAL AND THE LBO BUT MORE TO THE POINT ABOUT DVMT TRADING AT A DISCOUNT THEY'VE SORTY OF ENGINEERED THEY CLAIM THAT'S NOT THE CASE THE MARKET IS DECIDING EVERYDAY WHERE DVMT WILL TRADE, THEY WON THEY KNOW WHAT THE APPLICABLE CONTRACTS ALLOWED FOR HERE IN TERMS OF POTENTIAL EXCHANGE.
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I mean, it sort of undid him at the end, but the reason he was so obsessed is because he was rewarded insanely for it from the late 70s through the early 80s and he had enough of a war chest, he had about $400 million and that was enough actual equity that at the height of the LBO crisis, he could look at Viacom, this sort of ... Leveraged buyout crisis.
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In September 2018, multi-billion dollar financings, such as a US$5.45bn loan funding KKR's purchase of Envision Healthcare, Refinitiv's US$13.5bn LBO backing Blackstone's purchase of Thomson Reuters' financial and risk business or Akzo Nobel's US$7.6bn debt financing supporting Carlyle's acquisition of the chemicals business, whet investor appetite within five days after the 2018 Labor Day holiday in the US, indicating insatiable demand for floating-rate debt at the time.
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I HAVE SPOKEN TO SOME OF THE POTENTIAL UNDERWRITERS OF AN IPO THEY SEEM COMMITTED TO THAT AT VALUATIONS FAR IN EXCESS OF AT LEAST THE IMPLIED VALUE OF DELL IN THE EXCHANGE FOR DVMT WHY ARE YOU SO SURE YOU CAN PREVENT THEM FROM POTENTIALLY GOING THE IPO ROUTE AND IN DELAWARE IN PARTICULAR GIVEN YOU LOST THERE WHEN YOU TRIED TO GET THE APPRAISAL RIGHTS ON THE ORIGINAL LBO AND THEY'LL SAY, HEY, WE'RE BEING FAIR WE'RE GIVING SHAREHOLDERS A VOTE, FOR EXAMPLE ON THIS TRANSACTION.
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EUROFINS: Eurofins Scientific announced on Tuesday the acquisition of Laboratoire de Bromatologie de l'Ouest (LBO) extending its network of food testing laboratories in France Set up a 1003 million euros sustainable improvement loan with Crédit Agricole Corporate & Investment Bank (CACIB), with a maturity of 7.5 years (January 2026) Concluded a contract with the norwegian shipyard vard for the supply of lng tanks for the ponant icebreaker with a delivery of ship planned in 2021 Carmaker PSA is looking to sell part of the research and development arm of its Opel affiliate as part of efforts to restore profitability to the loss-making unit, Le Monde newspaper reported on Tuesday.
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