A series of complex issues

Article Abstract:

CVC was able to purchase electrical engineering specialists Haefely Trench from BBA Group due to a range of factors in its bid. The company demonstrated an understanding and a valuation of the risks and opportunities involved in the purchase, and it was able to offer an acceptable debt package, despite the complexities of the deal. CSFB was able to accommodate CVC's debt plans of including a US dollar high yield bond issue executed in Haefely Trench's nationally-organised profit centres. Unusual structural and financing aspects of the deal included a six-week completion limit.

Engineering Services, Engineering for Electric Power Equip, Mergers, acquisitions and divestments, Holding companies, Securities, Electrical engineers, Electric power plants, Electrical engineering, Credit Suisse First Boston L.L.C., Haefely Trench, CVC

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Bankers Trust

Article Abstract:

Bankers Trust Co. is increasingly taking two roles in bigger European leveraged deals. It provides initial financing packages at the time of acquisition then arranges securitization or high yield bond issues as part of a refinancing package during the months following acquisition. Bankers Trust first used this two-step approach involving securitization of leveraged acquisitions in the UK in 1997 when Investcorp purchased Welcome Break. It has also refinanced the acquisition of Bass Pubs by Punch Taverns and that of William Hill by Nomura.

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Bankers Trust

Article Abstract:

In 1997, Bankers Trust was involved in the 564 million pound sterling buy-in to Bass Pubs, by Punch Taverns. The bank provided senior debt to the tune of 345 million pounds sterling, with a further 110 million pounds high-yield bond bridge. Refinancing was also arranged for phase two of the buy-in. Bankers Trust was also involved in the 473 million pound purchase of Welcome Break motorway cafes by Investcorp.

United Kingdom, Management

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