Private equity companies are buying the debt of the companies they own so they can become creditors and have a second shot at making money on their investments.
Mezzanine Debt
Yields of Spanish bonds drops to 3.5-year low amid reduced unemployment rate
The yields of Spanish bonds have dropped to record lows not seen since 2011, indicating that the European economy is gaining its momentum, a Bloomberg report said.
Global Ports completes acquisition of Russian container terminal operator NCC Group
Greek containers and oil products firm Global Ports Investments has closed the acquisition of Russian firm NCC Group to become Eastern Europe's biggest container terminal operator.
Eike Batista's Oleo e Gas to honor $31.2 million oil field debt
Oleo e Gas Participacoes, controlled by Brazilian investor Eike Batista, promised to repay its $31.2 million debt in two oil fields located south of Rio de Janeiro. Oleo e Gas could lose its 40% stake in the said oil fields if it fails to repay its joint venture partners.
Spain's Codere seeks creditor protection amid €1.27 billion debt restructuring
Codere, a Spanish gaming group with €1.27 billion of debt as of last September, is seeking creditor protection and beginning talks to avoid insolvency. Codere may be unable to pay a €127 million loan due on January 5 if it fails to reach an agreement with its lenders.
Latest News
Textron Inc Chairman and Chief Executive Officer Scott Donnelly disclosed to analysts and investors in a teleconference today that it will be financing its acquisition of Beech Holdings LLC via debt.
Arabian Business said in its report that a rise in bond issuance in the Gulf region is seen next year partly in anticipation of the re-entry of the Abu Dhabi sovereign in the market after an over 5-year hiatus.
Investors seemed to be positive with regard to news from former Brazilian billionaire Eike Batista about Oleo & Gas Participacoes SA's creditors agreeing to convert $5.8 billion worth of company debt into equity stakes.
Japan's Softbank Corp is likely to tap the US bond market to fund the $20 billion acquisition of US wireless carrier T-Mobile, according to a report by the Nikkei business daily.
International hedge funds are increasingly targetting troubled firms in Australia, from cotton or macadamia farms to cattle stations and vineyards, expecting a nascent distressed debt market to generate double-digit returns.
LightSquared, which has been in bankruptcy last year, may get $2 billion to $2.5 billion in financing backed by Fortress Investment Group. JPMorgan Chase & Co. in talks with lenders, who would need to commit by January 8.
Petroperu will be seeking to riase $2.7 billion to fund the modernization and upgrades of its Talara refinery. About half of the funds will come from international investors, Reuters reported.
Data published by the Council for Mortgage Lenders and the British Bankers' Association indicate a housing boom in London as compared to average house prices in all of Britain, according to The Financial Times.
The state of Russia under President Vladimir Putin agreed to acquire $15 billion worth of Ukrainian Eurobonds to help the beleaguered country of Ukraine out of a potential currency crisis, according to a Reuters report.
