Global buyout firm Carlyle has reportedly entered discussions to refinance A$1.9bn ($1.9bn) in loans it used to back the buyout of Australian equipment hire company Coates Hire four years ago, Reuters reported on Friday.
The firm, which bought the company in 2008 for A$1.7bn in a deal that marked its first Australian buyout, is thought to be looking for three-year money to protect itself against an even longer wait for an exit, the report said..
The company’s debt is not due until 2014, but Carlyle is understood to have begun refinancing talks early as many of the original lenders have either gone bust or are not lending to LBOs in Australia, the report added.
The original lenders included ABN AMRO Bank, Allied Irish Banks, Aozora Bank, Bank of Ireland, Landsbanki Luxembourg and WestLB.
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