{"id":747562,"date":"2013-04-22T06:00:10","date_gmt":"2013-04-22T10:00:10","guid":{"rendered":"http:\/\/www.pehub.com\/?p=197561"},"modified":"2013-04-22T06:00:10","modified_gmt":"2013-04-22T10:00:10","slug":"reuters-cvcs-ista-buyout-backed-by-loan-bond-package","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/747562","title":{"rendered":"Reuters \u2013 CVC\u2019s Ista Buyout Backed by Loan, Bond Package"},"content":{"rendered":"

Reuters<\/em> – A debt financing of more than 2 billion euros ($2.62 billion) backing the 3.1 billion euro ($4.06 billion) purchase of German metering firm Ista<\/strong> by private equity firm CVC<\/strong> will be a mix of leveraged loans and high-yield bonds, writes Reuters<\/em>. CVC trumped rival BC Partners<\/strong> to buy a 76 percent stake from co-owner Charterhouse<\/strong> last week in Germany’s largest private equity deal since 2008, writes Reuters<\/em>.<\/p>\n

Reuters<\/em> – A debt financing of more than 2 billion euros ($2.62 billion) backing the 3.1 billion euro ($4.06 billion) purchase of German metering firm Ista by private equity firm CVC will be a mix of leveraged loans and high-yield bonds, sources said on Friday.<\/p>\n

CVC trumped rival BC Partners to buy a 76 percent stake from co-owner Charterhouse on Thursday in Germany’s largest private equity deal since 2008.<\/p>\n

The senior debt will be split into loans and senior secured bonds and the junior debt will comprise senior unsecured bonds, the sources said.<\/p>\n

The debt financing will have total leverage of around 7.25 times Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), and senior leverage of around 5.5 times, they added.<\/p>\n

CVC contributed around 1 billion euros ($1.31 billion)of equity to the deal, which reduced leverage on the debt to 7.25 times EBITDA, compared to leverage of 7.5 times on BC Partners’ financing.<\/p>\n

CVC’s more conservative debt structure and slightly higher equity contribution is designed to ensure that Ista has a flexible capital structure which will allow management to invest in and grow the business, one of the sources said.<\/p>\n

Deutsche Bank is in a lead position on the financing package, after providing a staple financing on the loan. Deutsche is expected to be joined by other banks on the financing package, which is still being finalised.<\/p>\n

A mandate is expected early next week and the financing package will be launched shortly thereafter. ($1 = 0.7644 euros) (Reporting by Tessa Walsh)<\/p>\n

The post Reuters – CVC’s Ista Buyout Backed by Loan, Bond Package<\/a> appeared first on peHUB<\/a>.<\/p>

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Reuters – A debt financing of more than 2 billion euros ($2.62 billion) backing the 3.1 billion euro ($4.06 billion) purchase of German metering firm Ista by private equity firm CVC will be a mix of leveraged loans and high-yield bonds, writes Reuters. CVC trumped rival BC Partners to buy a 76 percent stake from […]<\/p>\n","protected":false},"author":4799,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4821],"tags":[],"class_list":["post-747562","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9NivD-38ts","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/747562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/users\/4799"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/comments?post=747562"}],"version-history":[{"count":0,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/747562\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media?parent=747562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/categories?post=747562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/tags?post=747562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}