Hints and tips:
...The list of borrowers shifting from private to public debt markets includes Veritas-backed energy consultancy Wood Mackenzie and UK insurance broker Ardonagh, according to people briefed on the matter....
...Private equity conflict Private equity firms are increasingly providing debt financing to companies they own, making them both owner and lender to businesses in their portfolios....
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...“The bottom line is that the world has clearly changed since Bernard took over as CEO.”...
...“It has become a bigger company and this could create the perception that it needs more insurance,” said Kevin Lacroix, an attorney and executive vice-president at RT ProExec, a unit of RT Specialty, an...
...The insurance units are required by state regulators to invest the vast majority of their holdings in investment-grade rated debt, to safeguard policyholders....
...It is also known for financing entrepreneurs who create platform companies to consolidate industries like insurance....
...Holdings of UK-listed companies by British pension and insurance funds have plunged from about half of their portfolios to 4 per cent over the past two decades, according to data from Ondra....
...He also extended a $30mn loan to a company registered in the name of Epstein’s private pilot. The company, Plan D LLC, owned a Gulfstream jet....
...The move will create the second largest media company in the world by revenue after Disney and will have an enterprise value of about $132bn, including $56bn in debt....
...One thing to start: Donald Trump’s plan to take his media business public is in jeopardy after shareholders failed to approve a motion that would allow their blank-cheque acquisition company to keep pursuing...
...That has made financing a leveraged buyout more difficult, especially as banks have struggled to sell on the debt backing another large UK private equity deal, the acquisition of supermarket group Wm Morrison...
...It’s a novel way for big corporations to buy chunks of companies that would otherwise need to be purchased as a whole, drawing on the bounty of private capital sloshing around the world....
...The fund also owns the Moto motorway services business and the Pension Insurance Corporation Group. The RAC transaction marks CVC’s first exit, or partial exit, from a company owned by the fund....
...Marquee names such as Ares, Apollo and Blackstone might compete for an acquisition and then end up as partners in the debt financing....
...AT&T’s $80bn acquisition of Warner left the company saddled in debt, restricting its ability to invest in its core business: telecoms. Anna Nicolaou 3....
...The details of the correspondence emerged in the claim by Tata, which is suing three of Gupta’s companies — Liberty Specialty Steels, Liberty House Group and Speciality Steel UK — over the partial payment...
...It also confirms that some of the smartest investors in the world believe that underwriting debt with single-digit returns is a challenge worthy of their time....
...An insurance company? The $30bn deal announced on Monday to merge Apollo with its insurance affiliate Athene Holding creates a financial juggernaut that defies categorisation....
...With its US operations spun out and €28.5bn in debt on the books, Drahi saw Altice’s pandemic-spurred collapse in value as a fairly opportunistic bid to delist the company at a modest 24 per cent premium...
...Japanese insurer Tokio Marine has said the insurance policies at the heart of the Greensill Capital collapse may not have been valid, as investors pressed the company to detail its exposure to the lender...
...One was Scott Kleinman, 47, who had joined the group in 1996 and helped to net billions of dollars in profits from Apollo’s 2008 acquisition of the chemicals company LyondellBasell....
...Unlike Network Rail and some private landlords, Blackstone and Telereal’s Arch Co aren’t waiving rents....
...Chief executive Vicki Hollub, above, said last week that the actions she took would help the company generate cash in a world where oil trades in the low $30s....
...You’ve got to feel sorry for the world’s consumer goods conglomerates....
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