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Jupiter secures buy-out loan

Jupiter Asset Management has agreed a 425m covenant-light loan to move a step closer to buying out its German owners Commerzbank.

Led by HSBC, the eight year loan is only the fourth of its kind in Europe and keeps the group on track for its 740m buyout alongside US private equity firm TA Associates.

Accompanied by a 10m revolving loan, the deal was marketed to both banks and hedge funds last Thursday and was oversubscribed inside 24 hours. It will offer an initial pricing of 2.25 percentage points above Libor, though that may drop as the book is closed in the next fortnight.

Jupiter’s announcement comes soon after Gartmore undertook a 522m refinancing following its buyout by Hellman & Friedman, allowing the private equity firm to re-coup its money only seven months after the initial management buy-out.

Cov-lite loans are relatively new to the European market having spread from the US earlier this year.

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