As ratings agency Standard & Poor’s criticises covenant loose loans for being covenant-lite by the backdoor, a senior banker tells Toby Lewis cov-lite loans will become extinct.
4 min read · 12 January 2013
Kohlberg Kravis Roberts is reportedly looking to join Blackstone as a listed company, while Apollo Management is also thought to be pursuing an offering
2 min read · 12 January 2013
Seol-based Jong Won Lee and Yuchul Rhim have become managing directors at the Silicon Valley-headquartered H&QAP.
2 min read · 12 January 2013
Injaz Mena, an investment company based in the United Arab Emirates, made a 63 percent return in 14 months from its investment in Frankfurt-listed electronic payments company Smarttrac, demonstrating why there has been so much private equity interest in the sector.
2 min read · 12 January 2013
Venture debt provider Kreos Capital has strengthened its senior team with the recruitment of Luca Colciago from Noble as a partner. The hire comes as the firm continues to invest its latest fund, which was closed in April and is being deployed at a rapid rate.
2 min read · 12 January 2013
Arden Realty has purchased a $2bn portfolio of assets from The Blackstone group as the office player looks to boost its presence on the west coast.
4 min read · 12 January 2013
Alvarez & Marsal builds China team * Watson Wyatt appoints Sydney specialist * IFC appoints new South Asia head * NEA promotes six * Vestar Japan completes line-up * H&Q Asia Pacific promotes two in Seoul * Deutsche hires former Temasek director * CVC poaches Keeble from UBS
4 min read · 12 January 2013
The TPG-led consortium has pulled out of the bidding for a minority stake in Alitalia as sources close to the deal blamed government regulation for making it impossible for the consortium to takeover the company.
2 min read · 12 January 2013
Jupiter Asset Management, a UK fund manager recently bought out by management and TA Associates, has hit back at criticism of the £425 million “covenant-lite” loan it will use to finance the deal. The controversial structure, which was pioneered in the US but is now crossing over into Europe, removes many of the traditional protections for lenders.
2 min read · 12 January 2013
Activity in the electronic payment space continues with the Blackstone Group’s agreement to buy Dallas, Texas-based Alliance Data, a provider of transaction, credit, and marketing services, in a deal valued at $7.8 billion.
2 min read · 12 January 2013
