Silver Lake ‘locks in $1.1bn TEG dividend recap’
Five backers have reportedly come in as lenders after attempts to offload the Aussie live entertainment company stalled
News By IQ | 5 February 2024
TEG’s owner Silver Lake has secured a A$1.1 billion (€663.8 million) dividend recapitalisation for the Australian live entertainment giant after attempts to sell the company stalled, according to recent media reports.
The Australian Financial Review listed KKR Credit Markets and Singapore government-owned investment firm Temasek as among the biggest backers in a joint proposal alongside The Canada Pension Plan Investment Board (CPPIB), with five lenders signing up overall as part of the debt refinancing package.
A dividend recap happens when a firm takes on new debt in order to pay a special dividend to private investors or shareholders. AFR sources say “the new debt facility includes a $950 million, five-year, covenant-lite loan at a margin of 550 basis points, and a $130 million revolver”.
The AFR describes the…
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