Buyout shops use Trump rally to cut borrowing costs and fund dividends

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Financial Times 14h ago

Buyout shops use Trump rally to cut borrowing costs and fund dividends - Financial Times

Quick Summary:

The strong investor demand allowed the company to lock in an interest rate just 2.5 percentage points over the Sofr floating rate benchmark, for a yield of roughly 7.3 per cent, according to people briefed on the matter.

The company, purchased by private equity group Chatham Asset Management in 2022, used the money to pay down some of its existing debt.

When the deal was first announced in 2022, Blackstone had to cobble together loans from a coterie of private credit lenders, banks, and in an unusual move, the very company selling it the business.