Barclays Private Equity has sold its 66 per cent stake in Preferred Mortgages to Lehman Brothers for 2.3 times its original investment, generating an IRR of over 40 per cent.
The use of high yield financing is a staple feature of leveraged buyouts, but participants in deals may not appreciate the need for precisely tailored covenants. Valerie Jacob, co-managing partner of Fried, Frank, Harris, Schriver & Jacobson, highlights the keys to investor protection.
The global private equity house has paid an undisclosed sum for one of Germany’s largest privately-owned industrial and building electronics component producers.
FLV Fund, the struggling Belgian venture capital firm, has terminated negotiations with Arcis Group of France and the UK’s Strathdon Investments that could have led to a sale of FLV’s portfolio assets.
The Royal Bank of Scotland has appointed Pascal Werner as managing director and head of leveraged finance France following the departure of Michel Chabanel.
The French unit of Italian private equity firm 21 Investimenti is close to announcing a final close of its second expansion capital fund.
Apollo Management, Soros Private Equity Partners and Goldman Sachs Capital Partners have invested $350m to take a majority stake in Cablecom, the Swiss cable television company.
What's the outlook for the US debt market in 2004? The answer depends on whether you ask a senior, mezzanine, or high yield debt provider. Alex J. Stockham reports up and down the financial structure about what these leveraged finance professionals are seeing and how they're feeling.
When PEI sat down with five seasoned leveraged finance professionals in London recently, it became clear that although business is good, they were keen to tread carefully in today's market. There also seemed to be a growing sense that the dynamic between sponsor and finance provider has changed – to the sponsors' advantage. We talked to them about the issues behind this shift and heard why getting it right matters all the more today.
The leveraged finance community in Europe have plenty to be working on: the deal pipeline is filling up and the private equity firms have the appetite to acquire sizeable assets. But the problem is that a host of financiers have noticed this. Whether a senior or more subordinated debt or mezzanine provider: wherever you tread you are going to find several of your peers ahead and behind you. Is it time to start talking about a leverage finance overhang, ask David Hawkins and Philip Borel.