Doubles all round
Article Abstract:
Punch Taverns used sophisticated financing techniques in its acquisition of Bass Pubs. The process began with a 564 million pounds sterling management buy-in in Dec 1997 by entrepreneurs Hugh Osmond and Roger Myers in their new company Punch Taverns. Bankers Trust BT Capital Partners Europe division arranged the debt package for this deal to include senior debt and a high yield bond bridge facility of 110 million pounds sterling. The particular circumstances of the deal facilitated pioneering two-stage involvement by Bankers Trust in securitization of the leveraged finance.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1998
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Micromass: an instrumental role for senior debt
Article Abstract:
The 50 million pounds sterling management buyout of Micromass, producer and marketer of complicated scientific instruments for chemical analysis, from Fisons, involved equity totalling 17.4 million pounds sterling. The senior debt took the form of a medium term loan of 18 million pounds sterling, underwritten by Barclays and Bank of Scotland. The management buyout of Mayfair Taverns, operator of public houses, from Ascot Holdings, required total funding of 32 million pounds sterling. Like Micromass, Mayfair Taverns shows strong characteristics in terms of senior debt.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1996
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