LBO sponsors look to ABS financing solutions
The marriage of buyout and securitization technology in the private market is well tested, and many middle-market deals that involve businesses with stable cashflows have been refinanced via simple trade receivables securitizations for years. Recent examples include the acquisition of Rexel by Eurazeo, Clayton Dubilier & Rice and Merrill Lynch Global Private Equity and UK petrochemicals company Ineos’s buyout of Innovene in February. Conduit refinancing is also often applied to bridge loans in larger deals.
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