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...By the end of September, his personal debt to the tech group topped $5bn....
...Bankers have sounded out potential buyers for a minority stake in Sotheby’s as its owner Patrick Drahi comes under pressure to sell assets at his indebted telecoms group Altice.Those approached included...
...The push has been successful: the group has repaid $7bn in debt since the closing of the $40bn merger of WarnerMedia with Discovery a year ago. Gross debt stood at $49.5bn in the most recent quarter....
...Sotheby’s will be banking on the fact that there isn’t much overlap between the buyers of esoteric ABS issues and European junk bonds, with investors in the former tending to be more focused on the underlying...
...The $26bn value of Apollo’s takeover offer included debt....
...But the debt to fund the purchase will push its leverage ratio, on a debt/Ebitdar basis, to 2.5 times. Share buybacks will be suspended until it returns to 2 times. That could give investors pause....
...The fifth-largest airline in the US has struck a deal to buy smaller rival Hawaiian Airlines — for $1.9bn, including debt....
...A clearing house sits between a buyer and seller to prevent a default from washing through markets....
...Analysts said the restructured company was likely to be a consolidation target for a large trade buyer or a private equity company....
...But a buyer would be foolish to pay a premium price for the group, given regulatory and integration challenges....
...That often appeals to those who want to ensure privacy, given that sales are famed for being triggered by the “three Ds”: death, divorce and debt....
...But the mis-step has left the company in a difficult position with $3bn of debt and West is likely to have a big clean-up job on his hands. It’s unclear what Scherr plans to do next....
...Center Parcs successfully refinanced its debt in April, and the appetite for the debt deal helped give Brookfield confidence to launch the sale....
...None of this suggests that buyers will be queueing up at the cash register. The private equity world, in particular, is still constrained by high interest rates and debt availability....
...With rising debt financing costs, average equity contributions to LBOs have also been on the rise — reportedly eclipsing the 50% mark, on average....
...A record $5.76tn now sits in US money market funds, which park buyers’ dollars in safe instruments like short-term government debt, according to data from the Investment Company Institute....
...“Now that the market knows the Redstone family is open for business, the list of potential buyers could expand,” says Bernstein’s Yoon....
...Analysts said the two companies’ high debt levels were an immediate concern for investors....
...The highest interest rates in more than a decade have combined with relatively high inflation and led to a disconnect between buyers and sellers....
...If customers aren’t gorging on subscription lines, margin loans, interest-only mortgages and other tailored debts, it diminishes the selling points of a bank....
...But secured bonds are typically cheaper to issue than unsecured bonds because they offer an extra layer of protection to buyers....
...A shortage of new cars caused by both pandemic factory closures and then semiconductor shortages sent buyers scurrying for the limited number of vehicles already built and on the road....
...These fixed-income products differ from typical corporate debt, and include mortgages, car loans, consumer lending and home improvement loans....
...That’s always good for buyers. You always get a bond bull market; don’t miss out on yields here....
...AT&T has a lot of debt. The US telecommunications company’s total borrowings stretch well north of $130bn, a bigger debt pile than many countries....
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