NAV facilities for private equity fund clients
Subscription and hybrid facilities for private equity fund clients
Private equity sponsored limited partner and general partner loan programs.
General and limited partner lines of credit
At Home Group Inc., a leading home décor and furniture retailer in a liability management transaction that significantly enhanced the company’s liquidity and de-levered its balance sheet. The transactions included an uptier exchange of approximately 90% of its existing $500 million of senior unsecured bonds into new secured high yield bonds with a two year PIK option at a 10% discount to par, resulting in cash interest savings of approximately $71 million. Participating holders also provided their pro rata share of $200 million secured new money high yield bonds that were issued through an unprecedented “double-dip” structure that effectively allowed such creditors two claims for par recovery on the same collateral (i.e. in a 50 cent recovery for secured creditors, these lenders would receive 100 cents), greatly reducing the cost of the new money.
