Latest news with #debtdeal
Bloomberg
16-07-2025
- Business
- Bloomberg
Häagen-Dazs Maker Prices Debt for €4.4 Billion Payout to Owners
Froneri International Ltd., the maker of Häagen-Dazs ice cream, is wrapping up commitments for a debt deal to help fund one of the largest shareholder payouts on record, as its private equity co-owner looks to keep its stake in the company for longer. The UK-based manufacturer is close to pricing a €3.9 billion junk debt offering, the proceeds of which will fund a roughly €4.4 billion ($5.1 billion) payout to shareholders Nestlé SA and private equity firm PAI Partners.
Bloomberg
01-07-2025
- Business
- Bloomberg
Last-Minute Twist on xAI Deal Adds Banks Beyond Morgan Stanley
Save A trio of banks joined Morgan Stanley in a $5 billion debt deal for xAI Corp., after the company requested their participation to maintain relationships that could help with financings down the line, according to people with knowledge of the matter. Barclays Plc, Mitsubishi UFJ Financial Group Inc. and UBS Group AG were added to the recent bond and loan sale for Elon Musk's artificial intelligence startup, said the people, who asked not to be identified because they're not authorized to speak publicly.
Yahoo
27-06-2025
- Business
- Yahoo
Saks Gets $600 Million Lifeline as Creditors Face Steep Losses
(Bloomberg) -- Saks Global Enterprises has reached a $600 million debt deal with a number of its existing lenders that would force some creditors to accept losses and push them back in the repayment priority line. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Mapping the Architectural History of New York's Chinatown Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center As part of the complex arrangement, a group holding a slim majority of the struggling luxury retailer's $2.2 billion of 11% bonds, which were just issued in December, will provide Saks an immediate $300 million loan, according to deal terms reviewed by Bloomberg. That debt would be among the first repaid if the company goes bust. The retailer operates its flagship Saks Fifth Avenue stores along with Bergdorf Goodman and Neiman Marcus, rival chains it purchased last year. Lenders that aren't part of that group will have the option to help provide as much as $300 million of additional debt. That would be part of a debt exchange that would see the lenders swapping their outstanding notes for a lesser amount of new, lower priority securities with the same interest rate, a 2029 maturity and collateral. The majority holders — who would bridge any shortfall in the second $300 million — will also participate in the swap but won't have to take a so-called haircut as part of the transaction. Investors who don't take part in the exchange will see their debt fall to the bottom of Saks' capital structure and lose creditor safeguards known as covenants, according to the deal terms. A representative for Saks Global declined to comment on the terms of the financing. The company confirmed the deal in a statement Friday without disclosing details of the debt swap. Just six months ago, investors scooped up the $2.2 billion of notes that are now part of the debt swap in order to finance Saks' takeover of Neiman Marcus. That debt tumbled to a record low 34.5 cents on the dollar Thursday after Bloomberg reported initial details of the exchange, according to the bond-price reporting system known as Trace. Saks plans to make its upcoming interest payment on the notes — about $120 million due June 30. The transaction is the latest instance of a debt deal pitting creditors against each other in order to score breathing room for a troubled company — and its equity stakeholders. Saks' majority creditors were advised by Lazard Inc. and Paul Weiss Rifkind Wharton & Garrison, while minority creditors were represented by Greenhill & Co. and Glenn Agre Bergman & Fuentes. Double-Digit Coupon The up to $600 million loan comes with a fixed 11% coupon, according to people with knowledge of the matter. That's lower than the rate on a separate financing commitment Saks secured in May that will no longer go ahead. The creditor protections on Saks' new bonds will be slightly stronger than those on the outstanding 2029 notes, according to the deal terms reviewed by Bloomberg. They put limits on Saks' ability to create new subsidiaries that can issue new debt, and they effectively block any possible repeat of a transaction that reshuffles the company's payment priority ranks. (Updates with company statement in fifth paragraph, loan details in eighth paragraph.) America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P.
Bloomberg
27-06-2025
- Business
- Bloomberg
Saks Gets $600 Million Lifeline as Creditors Turn on One Another
Saks Global Enterprises has reached a $600 million debt deal with a number of its existing investors that would force some creditors to accept losses and push them back in the repayment priority line. As part of the complex arrangement, a group holding a slim majority of the struggling luxury retailer's $2.2 billion of 11% bonds, which were just issued in December, provide Saks an immediate $300 million loan, according to deal terms reviewed by Bloomberg. That debt would be among the first repaid if the company goes bust. The retailer operates its flagship Saks Fifth Avenue stores along with Bergdorf Goodman and Neiman Marcus, rival chains it purchased last year.
Bloomberg
24-06-2025
- Business
- Bloomberg
Vista-Backed KnowBe4 Looks for $1.46 Billion Debt to Replace Private Credit
JPMorgan Chase & Co. is sounding out investors for a potential $1.46 billion debt deal for the internet security platform KnowBe4, according to people familiar with the matter. If successful, KnowBe4, which is backed by Vista Equity Partners, will use the proceeds to refinance loans from private credit firms at a significantly cheaper borrowing cost, said the people, who requested anonymity to discuss a private transaction. Blue Owl Capital, Blackstone Inc. and Carlyle 's credit business were some of the lenders on the original loan. The debt was arranged at a rate of 7.75 percentage points over the Secured Overnight Financing Rate, regulatory filings show.
