High yield and alphabet debt: the comeback
Article Abstract:
The emergence of 'alphabet loans' and the use of the European high yield bond market to fund larger buyouts are significant debt-related developments in buyouts. The alphabet loan market can permit buyout financiers to reduce the costs and loss of flexibility connected with subordinated debt. Mixed views are being expressed about the relative benefits of high yield debt for issuers, but high yield debt may have an advantage over privately placed mezzanine debt where equity warrants are often needed. The difference between alphabet debt and high yield has become less clear as financiers have issued both high yield bonds and long-term securitizations.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
Blooming again after some difficult years
Article Abstract:
In 1997, the value of the Italian buyout market rose to 1.8 billion pounds sterling, from 175 million pounds in 1995. The 1997 figures were significantly boosted by the privatisation of Italian yellow pages publisher Seat for 3,974 billion Lire. Market growth is attributed to increasing numbers of large transactions, which includes those valued at over 10 million pounds sterling.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Being flexible and accommodating diversity: the challenge for multinational management. Network analysis of a new export grouping scheme: the role of economic and non-economic relations
- Abstracts: Victorian gas on the back-burner. Brazilian banks to lead sell-off programme
- Abstracts: Coping with the day of reckoning. Doing deals in the regions. UBS Capital
- Abstracts: Change time. Bitter memories
- Abstracts: Beijing moves to dodge the turmoil rocking the region. Beijing cleans up markets; rules include ban on share trading by banks