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...“This Citrix deal has shown [banks] can’t just bring any deal to market,” said Andrew Forsyth, a senior portfolio manager at Barksdale Investment Management....
...The purchase last month comes just weeks after Elliott spent $1bn of its own capital buying junk bonds tied to its takeover of software maker Citrix Systems, the people said....
...The bond sale on Tuesday pays off most of the Citrix debt that remained on bank balance sheets after an $8.55bn bond and loan sale last September and a handful of block trades of Citrix term loans worth...
...“There has been no primary issuance and . . . everyone is looking at deals to invest in,” one owner of Citrix debt said. They added, as a result, “a name like Citrix is catching a bid”....
...The banks are finally selling on the Citrix debt to specialist credit investors....
...That is a much bigger discount than has been recently typical for a deal like the buyout of Citrix....
...The high level of gearing at Citrix has become increasingly costly, with some dealmakers privately worrying that rising interest costs could absorb most of its cash flow. Citrix is not alone....
...Citrix is . . . a canary for investor demand.”...
...Last year, Elliott helped to assemble takeovers of enterprise software specialist Citrix Systems and media ratings group Nielsen, two of the largest leveraged buyouts of the year, through its private equity...
...I think a lot of people were anticipating a V-shaped recovery . . . People are now waking up the realisation that volatility is going to be normal going forward.”...
...The game is available to play for free, but players can use its in-game currency, V-Bucks, to buy virtual items, from outfits to accessories and weapons, to personalise their characters....
...Email me your thoughts at sid.v@ft.com. Latest news Amy Kazmin in Rome has a fascinating piece on why Giorgia Meloni is pushing back on Italy’s shift to digital payments....
...Having done well out of its investment in Citrix Systems the first time, it has returned for seconds....
...The combined group is betting on the future of hybrid work and employers’ need for suitable software to manage large data systems....
...A version of this article was first published by Nikkei Asia on February 14 2023. ©2023 Nikkei Inc. All rights reserved....
...Apollo is also working with bankers to provide a slug of the debt for the $16.5bn takeover of Citrix Systems by Vista Equity Partners and Evergreen Coast Capital, according to people familiar with the deal...
...Reach out to me (imani.moise@ft.com) or Sid (sid.v@ft.com) to let us know. Happy reading!...
...Let us know what you think at imani.moise@ft.com and sid.v@ft.com. A programming note: FintechFT will take a one-week break in observance of the Easter holiday. The next issue will be April 25....
...Write to the FintechFT team at imani.moise@ft.com and sid.v@ft.com. You can build it, but will they come?...
...There was a March release date given for Gran Turismo 7 and the unfortunate slippage of Grand Theft Auto V from November to March. Axios has more....
...Olaf Scholz said the affair had revealed that Germany’s system of financial regulation “needs to be reorganised”. 2....
...If there is a sense from this earnings season that confidence in a V-shaped recovery for profits is misplaced, then the impact will probably be hardest on companies with weak balance sheets, and on those...
...You don’t have to be Thomas Piketty to recognise that inequality poses a significant risk to the global system as it stands....
...Going forward, the federal government has ordered that only Euro-V standard fuels can be imported. Elsewhere, banks have announced policies to end financing for coal-powered plants....
...Business groups and think-tanks are making a mistake to cast Uber v London as a totemic fight to preserve capitalism....
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