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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.


OPM distribution link with Cofunds

OPM Fund Management – formerly Smith & Pinching Portfolio Management, has set up a distribution link with Cofunds as part of its drive into the IFA market.

Leap of Faif for Horlick

Bramdean Asset Management chief executive Nicola Horlick is thought to be launching a fund of alternative investment funds in June.Sources say the fund, which is subject to regulatory approval, will invest across asset classes including private equity, hedge funds and specialist offerings such as infrastructure.It is thought the Bramdean alternatives limited fund will list on […]

Taking the wrap

While my esteemed colleagues were off sunning themselves, sorry, I mean scouring les rues of Nice for pension stories at our Retirement Planning Summit some of us were stuck in London covering the home turf. I’m not bitter though, as the sun was shining in London for a change.


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