Bank of America and three other lenders are set to bankroll the bulked-up Perpetual Ltd.
It is understood BoA, ANZ Banking Group, National Australia Bank and MUFG will stump up the required debt finance, with a package big enough to cover Perpetual’s $757 million in cash payments to Pendal shareholders and refinance its existing debt facility.While Perpetual didn’t talk about the size of the new facility on Thursday, it said the combined group’s gross debt was likely to be 1.7-times proforma EBITDA or 1.3-times on a net debt basis on implementation.
Perpetual said Goldman Sachs was lead financial adviser, BoA Securities acted as a financial adviser and Herbert Smith Freehills did the legal work.Perpetual and Pendal tied the knot on Thursday morning, after 4½ months of takeover talks and years as rivals in Sydney’s funds management community.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Green bank zeroes in on power grid build-outClean Energy Finance Corporation boss Ian Learmonth has named grid projects and storage among critical areas for the green bank to help the energy transition.
Read more »
How to treat your Dad to a Father's Day tipple without breaking the bankIf you cannot afford to give your Dad a bottle of Henschke Hill of Grace ($900) or Penfolds Grange ($1,000) for Father’s Day, don’t despair.
Read more »
Pepper Money says rate rises hitting home loansNon-bank lender Pepper Money reports an increase in profit, but margin contraction on higher funding costs.
Read more »
Pepper Money says rate rises hitting home loansNon-bank lender Pepper Money reports an increase in profit, but margin contraction on higher funding costs.
Read more »
RBA pays premium to keep cash in circulationSky News Business Editor Ross Greenwood says cash is causing a problem for the Reserve Bank as it’s “way more expensive to transport and to make secure”. “You saw that recently in the proposed merger of Lindsay Fox's armoured car business Armaguard, with the local operation of Spanish owned Prosegur,” Mr Greenwood said. “To help them out, a Reserve Bank review has concluded that it will pay 30 percent more to the armoured car businesses to transport old and worn banknotes out of circulation.”
Read more »
More than 100,000 homes at ‘acute risk’ from cyclones, floods and fires - is yours?The vast swathes of Australia at high risk of floods, fires and cyclones have been identified, as CommBank seeks to protect its multibillion dollar home loan portfolio. 7NEWS
Read more »