HIG Capital has secured a $200m dividend from its portfolio company TKC Holdings after the US prison-services vendor refinanced nearly $2.3bn of debt through a combination of junk bonds and leveraged loans, according to a report by Bloomberg.
The transaction included a $500m first-lien loan, a $1.1bn first-lien bond, and $675m of second-lien notes. While the deal was initially intended to fund a $100m dividend to HIG, market appetite allowed TKC to increase the offering and boost the payout to $...
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