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...Investors have pointed to Bcred, a Blackstone-managed private credit investment fund, as among those to curtail the pace of lending after previously providing LBO loans worth $1bn or more....
...“There have been fewer LBOs and therefore less new loan volume,” said Michael Patterson, a governing partner at asset manager HPS Investment Partners....
...Rising interest rates left the banks that finance leveraged buyouts (LBO) stuck with loans that they could not sell....
...So I thought it was a good time to catch up with Armen Panossian, who will become Oaktree’s co-chief executive by March and currently heads up its performing-credit business....
...“He and [Twitter co-founder] Jack Dorsey working together, I think, could turn this into a super app.”...
...The case centred on the $33bn LBO of HCA, which was won by Bain Capital, KKR and Merrill Lynch, after there were no other competing bids....
...One flying taxi scoop to start: LinkedIn co-founder Reid Hoffman and tech entrepreneur Mark Pincus are nearing a deal to merge their blank cheque company with Joby Aviation, valuing the flying taxi developer...
...It has even established its own private equity unit, Evergreen Coast Capital, that specialises in tech LBOs — and now finds itself in the crosshairs of credit hedge funds that bought one of its portfolio...
...The private equity firm is headed up by Steven Klinsky, one of the founders of Goldman's LBO unit in the Milken-era junk bond boom, and his investment bank alma mater got a nice slice of the deal: Goldman...
...At $31bn, Caesars ranks as the seventh-biggest LBO in American history....
...Even some of the LBO activity has been from existing issuers.”...
...The equity valuations coming down is actually a blessing that makes LBO activity easier.”...
...That might be because mega-sized LBO targets by definition track the broader market (they’re difficult to grow faster than it), or because larger LBOs are made possible by credit bubbles that pop sooner...
...The higher the beta, the greater the security co-varies with the market return and thus the higher return that equity investors will require)....
...For additional information, see the section of this proxy statement captioned “—Fairness Opinion of Goldman, Sachs & Co.”...
...“To give the collusive LBO [leveraged buyout] a patina of legitimacy, 35 potential investors were solicited to present competing bids....
...Today, LBO contracts allow sellers to sue equity and debt sources to ensure they show up to close deals....
...Beats recently acquired MOG, a digital music service, and hired Ian Rogers – the founder of Topspin Media, which helps acts and artists sell music and build audiences online – as chief executive of its new...
...The creditors seek the return of “all” the LBO proceeds. But not all of the proceeds represent a windfall to shareholders....
...The industry provided one of the most lucrative LBOs of the last boom with the 2007 buy-out and 2011 initial public offering of Kinder Morgan, providing a return of more than 100 per cent to backers....
...IPOs for Toys R Us and HCA, both controlled by KKR & Co. and Bain Capital, have filed registrations for public offerings, but did not issue shares as expected this year....
...The suit says the LBO increased Tribune’s total debt to more than $13bn, almost tripling the prior amount, as its core business was deteriorating....
...The new holdco housed Chrysler Corp LLC – producer of Chrysler, Dodge and Jeep branded vehicles – and Chrysler Financial....
...Bankruptcy experts expect a flurry of other suits, given the surge of LBOs from 2005 to 2007. A wave of such lawsuits also characterised the shakeout of the last LBO boom in the 1980s....
...Similar claims by creditors followed the demise of the LBO booms of the 1980s. The investigation was in the discovery phase, said a person familiar with the court proceedings....
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