TIME WAS, NOT so long ago, that big buyouts necessitated a call on the high-yield bond market. How things change. At the beginning of July this year, CVC Capital Partners and Permira announced that they were buying the Automobile Association (AA), the UK car breakdown, insurance and finance business, for £1.75 billion ($3.25 billion). The financing package included a whopping £400 million of mezzanine debt arranged by Barclays Capital.
Charterhouse Capital Partners got similarly impressive support from mezzanine investors for its £1.35
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