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...CAA top executives including co-chair Bryan Lourd could sell a 5 per cent stake in the deal, reducing their holding in the business to about a third, according to documents shared to potential lenders....
...Competition among direct lenders has already led the deal to become oversubscribed....
...By her calculations, direct lenders were charging roughly 2.5 percentage points more than banks. A year ago, that figure was a full percentage point lower....
...Jane Street estimated fourth quarter Ebitda in the $2.2 billion to $2.7 billion range, which would put the full-year figure around $7.1 billion to $7.6 billion, less than the year prior....
...That allowed it to reduce the interest rate on its $2.7bn loan by 0.5 percentage points....
...Analysts at Morgan Stanley predict that the private debt market will more than double in size by 2027, to $2.3tn globally....
...The Pinault family’s deal values CAA’s equity at $5.4bn. When accounting for its debt, the company is valued at more than $7bn....
...A $504mn writedown on home improvement lender GreenSky in the second quarter, which it bought in 2021 for $2.2bn but is already in the process of selling, has added to the pain....
...One thing to start: Shareholders in British healthcare start-up Babylon are set to be wiped out as the company’s main lender is poised to take control of the business....
...Ken Griffin’s Citadel posted a return of 38.2 per cent last year, a large gain made even more remarkable by the amount of assets — currently $54bn — that the firm manages....
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...Apollo has “spread-related” earnings, between the 4 or 5 per cent it aims to earn on investments, less the 2 or 3 per cent promised to annuity holders....
...Wall Street lenders led by Citigroup and Bank of America have been forced to wire a $5.45bn cheque to private equity giant Apollo Global Management to fund its takeover of auto-parts maker Tenneco, cash...
...Pinsent Masons O: 5; L: 8; I: 7; Total: 20The firm is supporting Singapore’s growing “alternative” food sector.It advised on the S$2.2mn ($1.6mn) seed funding round for Float Foods’ plant-based egg substitute...
...They also publicly offered just 5 per cent of the company’s stock and secured advance commitments for almost 40 per cent of that from two cornerstone investors: Baillie Gifford and Norges Bank....
...Shares in language-learning app Duolingo fell by 10.2 per cent and online learning platform Udemy dropped 5 per cent....
...The secured bond, which was initially expected to yield between 8.5 per cent and 9 per cent, could now be priced with a yield as high as 9.5 per cent, one person added on Wednesday....
...investors. 5....
...Many attendees forecast a slowdown in leveraged buyouts as lenders pare back their exposures....
...The Citrix deal, as well as a $5.4bn financing package for Apollo’s takeover of automotive supplier Tenneco, was postponed until after Labor Day....
...Smart reads Survival mode Russia’s VTB was meant to rival Europe’s biggest lenders....
...About 2.1mn students embarked on a US university education last autumn, down 22 per cent since 2015. On the other hand, did we mention Princeton?...
...You can’t be a hedge fund that is already fully invested and also have the ready cash needed to reposition yourself,” says Dominique Mielle, a retired executive at Canyon Partners....
...To get its deal over the line, the group turned to four private lenders to provide the $2.6bn in debt financing....
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