Private Equity
The sale of South Korea's Oriental Brewery looks set to spark the year's largest buyout with the news last week that vendor Anheuser-Busch has selected KKR as preferred bidder for the asset. An underwritten senior loan financing backs the acquisition, which could yet be expanded to include a junior portion.
4 min read · 07 May 2009
1 min read · 23 April 2009
1 min read · 23 April 2009
The fairness of discounted debt buybacks and exchanges came under the spotlight last week after rating agencies moved to categorise the actions as tantamount to default. As well as blocking an increasingly common practice, detractors argue that the agencies' move will hurt already aching CLOs and could even drain more liquidity from the market.
5 min read · 23 April 2009
2 min read · 23 April 2009
1 min read · 09 April 2009
1 min read · 09 April 2009
Recent restructuring deals for Sanitec, Thule and McCarthy & Stone highlight the plight of mezzanine and other junior lenders in the current crisis. In contrast to previous downturns where junior debt tended to be the fulcrum on which restructurings hinged, these deals highlight the marginalisation of subordinated creditors as value increasingly breaks in senior. Donal O'Donovan reports.
5 min read · 09 April 2009
2 min read · 09 April 2009
3 min read · 26 March 2009
