Cinven Seeks Refinancing for JLA After Shelving £1 Billion Sale [BNN Bloomberg (Canada)]
KKR & Co. Inc. (KKR)
Last kkr & co. inc. earnings: 1/31 06:50 am
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Source: BNN Bloomberg
The private equity firm decided to hold onto the business for longer as it felt the offers it received didn't properly reflect JLA's growth prospects, the people said. Cinven had been discussing a potential valuation of more than £1 billion ($1.25 billion) with bidders, the people said, asking not to be identified discussing confidential information. Cinven is now negotiating with direct lenders as it pursues a roughly £650 million refinancing, which could include a unitranche loan of around £500 million, with about £150 million of undrawn loans on top, the people said. A representative for Cinven declined to comment. Private equity firms are stepping up divestments in order to return cash to their investors. Still, they face a fragile market for dealmaking amid high interest rates, with large transactions sometimes falling apart because of the gap between buyer and seller expectations. KKR & Co. shelved a sale process for Upfield, the maker of Flora and Country Crock spreads
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