TaylorMade deal attracts positive response from investors Centroid Investment Partners to close deal next month
Translated by Kim So-in 공개 2021-06-29 08:42:08
이 기사는 2021년 06월 29일 07:50 thebell 에 표출된 기사입니다.
Centroid Investment Partners has finalized a deal structure of its acquisition of golf equipment company TaylorMade, with the firm planning to close the deal next month.An amount of acquisition financing for the takeover of TaylorMade has significantly been increased from $700 million to $950 million, thanks to positive response from investors, industry sources said Friday. The increased amount will be used to repay TaylorMade’s debts worth $2.5 trillion.
The acquisition financing has been jointly arranged by Shinyoung Securities, KB Kookmin Bank, and Hana Financial Investment. It is known that they first proposed repaying TaylorMade's existing debt, with the acquisition finance quickly overbooked. The arrangers seem to have focused on the fact that the current lenders may enhance investment stability by securing enough collateral if existing borrowings are paid.
The acquisition financing will be comprised of two tranches, including a $725 million senior debt with a yield to maturity of 4.7% and a $225 million subordinated debt with a yield to maturity of 7.5%.
Mezzanine loan and equity are structured to consist of convertible preference shares (CPS) worth about $430 million and equity of $510 million, respectively.
TaylorMade recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of 135 billion won in the first quarter of this year, slightly exceeding the last year’s EBITDA of 127.5 billion. Market insiders estimate this year’s EBITDA to be between 170 billion won and 200 billion won.
The Korean Federation of Community Credit Cooperatives will invest 200 billion won in equity investments and 100 billion won in CPS as an anchor investor. Strategic investor The Nature Holdings will invest 100 billion won in equity investments.
Centroid Investment Partners plans to close the deal next month and start a post-merger integration process. (Reporting by Se-hun Jo)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 스튜디오산타클로스ENT, 주주권익 보호 '구슬땀'
- 이에이트, AI 시뮬레이션·디지털 트윈 기술 선보여
- MBK, '몸값 2조' 지오영 인수 SPA 체결 임박
- [2024 더벨 글로벌 투자 로드쇼-베트남]한인이 설립한 RCE, 세계 첫 ‘중장비 온라인 중고거래’
- 회계법인 해솔, 부동산 타당성 자문 업무협약
- [2024 더벨 글로벌 투자 로드쇼-베트남]베트남의 지오영 '바이메드'·전기오토바이 '셀렉스' 눈길
- 지아이에스, 코스닥 상장 위한 예비심사신청서 제출
- [꿈틀대는 토큰증권 시장]'업계 표준' 루센트블록, '두자릿수' 레코드 조준
- [Company & IB]조달 '막바지' 롯데그룹, 롯데케미칼에 쏠리는 눈
- '910억 CB 발행' 아스트, 경영 정상화 속도 낸다