High yield and alphabet debt: the comeback

Article Abstract:

The emergence of 'alphabet loans' and the use of the European high yield bond market to fund larger buyouts are significant debt-related developments in buyouts. The alphabet loan market can permit buyout financiers to reduce the costs and loss of flexibility connected with subordinated debt. Mixed views are being expressed about the relative benefits of high yield debt for issuers, but high yield debt may have an advantage over privately placed mezzanine debt where equity warrants are often needed. The difference between alphabet debt and high yield has become less clear as financiers have issued both high yield bonds and long-term securitizations.

Acquisitions Analysis-Financing, Finance, Financial analysis, Management buyouts

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Blooming again after some difficult years

Article Abstract:

In 1997, the value of the Italian buyout market rose to 1.8 billion pounds sterling, from 175 million pounds in 1995. The 1997 figures were significantly boosted by the privatisation of Italian yellow pages publisher Seat for 3,974 billion Lire. Market growth is attributed to increasing numbers of large transactions, which includes those valued at over 10 million pounds sterling.

Mergers & Acquisitions, Italy, Industry Overview, Privatization, Privatization (Business), Leveraged buyouts

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