Wall Street's Buyout Bankers Are Reaching Their Lending Limits [BNN Bloomberg (Canada)]
Blackstone Inc. (BX)
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Source: BNN Bloomberg
The buyout firm agreed to fund on its own the totality of the €2.3 billion ($2.4 billion) purchase price for April Group, according to people familiar with the matter. Few banks are in much of a position to extend multibillion-dollar loans for acquisitions these days, given that they're still saddled with more than $40 billion of unwanted buyout debt on their balance sheets. This kind of all-cash buyout is almost unheard of in normal times, and yet it's suddenly becoming commonplace in today's market. The April Group purchase marks at least the fifth such deal in the past few months. This could be just the beginning. Debt has become both more expensive and harder to come by, a consequence of rising interest rates that have created a backlog of hung deals and brought an abrupt halt to more than a decade of easy money, upending the world of debt-funded acquisitions. “It is a factor of some banks backing away from doing private equity deals, not entirely, but doing less,” said Hil
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