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Large leveraged buyouts return as private equity titans like Apollo and Stone Point look to put mountains of cash to work despite sky-high valuations

Large leveraged buyouts return as private equity titans like Apollo and Stone Point look to put mountains of cash to work despite sky-high valuations

Michaels store entrance.
Roberto Machado Noa/Getty




CoreLogic and Michaels are raising almost $9 billion to fund private equity buyouts this week.




Leveraged buyouts are expected to pick up this year after companies stayed on the sidelines in 2020.




Soaring equity valuations will hold dealmakers back from the heady days of 2018.




See more stories on Insider's business page.



https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&utm_medium=ingestDebt-fuelled buyouts, like regular catnip for dealmakers, are not just back in vogue, they've returned in size.These big-ticket transactions generate substantial fees for bankers, while investors are champing at the bit to put money down on new borrowers that typically offer higher returns than those simply refinancing or repricing their existing debt.One of the biggest acquisitions in recent months - Stone Point Capital and Insight Partners' roughly $6 billion buyout of property technology company CoreLogic - is being supported with some $4.75 billion in leveraged loans, and it's in the market this week, according to sources familiar. Apollo's $5 billion buyout of arts and crafts retailer Michaels, meanwhile, is being funded with $1.8 billion in loans and $2.3 billion in high-yield bonds, and is scheduled to conclude by Thursday, sources said.JP Morgan is leading the deal for CoreLogic, Credit Suisse is leading the loans for Michaels, and Barclays is leading the bond portion of the deal for the retailer, sources said.
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