Reuters/IFR - Terra Firma Leads PIKs Down New ABS Path

Terra Firma's planned ABS-style Payment-In-Kind bond may be easier to sell to investors than some market experts anticipate due to stricter rules on cash payouts to equity investors, writes Reuters/IFR. Guy Hands' Terra Firma buyout group this week agreed to buy Annington Homes from Nomura in a deal worth 3.2 billion pounds ($5.1 billion), which will be financed by 1 billion pounds of new equity, debt financing in the form of the PIK, and the assumption of existing securitised debt of 2.2 billion pounds.

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