Asia's first bond-financed LBO explained

Author: | Published: 6 May 2011

The covenants of a high yield bond used in Asia’s first bond-financed leveraged buyout (LBO) have combined Chinese and European practices to give bond holders deeper protection than previous high yield products in the region.

The EUR 525 million LBO of Hyva Group by Unitas and NWS Holdings was partially financed by the issuance of a $375 million Rule 144A/Regulation S offering by...