The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Leveraged Finance: GP Investments completes big LBO in Brazil

Antonio Bonchristiano, GP Investments

"The amount of debt we are using is fairly modest compared with the US"
Antonio Bonchristiano, GP Investments

Liquidity in the global debt and bank markets is scarce but judging by the action of Brazil’s leading private equity firm, the financial crisis has yet to hit Latin America’s biggest economy. São Paulo-based GP Investments has entered into one of the biggest leveraged buyouts in Brazil, in what is expected to be the first of many similar transactions. In August, the private equity firm agreed to acquire 100% of Pride International’s Latin American Land Drilling and E&P Services businesses for $1 billion in cash. The transaction is expected to close by the end of the third quarter.

"There aren’t many big deals around in the current private equity climate, but for the few that there are we now have the funding for them, which is a really important novelty in the Brazilian market," says Antonio Bonchristiano, co-CEO of GP Investments.

Of the total amount due, 60% will be financed through new debt that has been provided by Citi through a 24-month bridge loan.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree