The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Technology provider BMC Software Inc. is seeking as much as $3.2 billion of loans in the U.S. to back its buyout by a group including Bain Capital LLC and Golden Gate Capital. True Religion Apparel Inc. raised rates on its LBO financing.
BMC is offering to pay 4 percentage points more than the London interbank offered rate on the seven-year, first-lien loan, according to a person familiar with knowledge of the deal who asked not to be identified because terms aren’t set. The Houston-based company is also seeking a 750 million-euro ($996 million) term loan, the person said.
True Religion, the maker of designer jeans worn by Megan Fox and Angelina Jolie, increased the rate it is willing to pay on $375 million of loans it’s seeking to finance its acquisition by Towerbrook Capital Partners.
The Vernon, California-based apparel manufacturer is now offering to pay 5 percentage points more than Libor on the six- year, senior-secured loan, compared with 4.5 percentage points more than the lending benchmark it originally proposed, according to a person with knowledge of the transaction who asked not to be identified because terms haven’t been set. It also reduced a second-lien term loan to $92.5 million from an initially planned $110 million.
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There are about $44 billion of deals in general syndication, with about $668 billion signed in the last 12 months, according to data compiled by Bloomberg. Prices on the largest first-lien junk loans dropped 0.05 cent to 98.34 today, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 index.
Hibu Write-off
Hibu Plc lenders will write off 800 million pounds ($1.2 billion) of loans under proposals for them to take control of the U.K. yellow pages publisher in a debt-for-equity restructuring. The company, formerly known as Yell, has agreement from lenders representing 32.8 percent of its debt and needs the support from at least 75 percent of all holders for the deal to be implemented, according to a statement today.
Go Daddy Operating Co., the website registration and hosting company known for its salacious Super Bowl commercials, may sell shares to the public as early as next year, Chief Executive Officer Blake Irving said in an interview yesterday. The company has a $741 million loan outstanding that comes due in 2018 and pays 3.25 percentage points more than Libor with a one percent minimum on the benchmark.
By: Sridhar Natarajan, with assistance from Jeannine Amodeo, Olga Kharif, Julie Miecamp; Julie Miecamp
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.