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Kinetic to issue $1.65bn in bonds as part of leveraged buy-out by Apax

This article was originally published in Clinica

Executive Summary

Wound care firm Kinetic Concepts plans to sell $1.65bn of senior notes as part of its $6.3bn takeover by private equity firm Apax Partners, down from the $2.55bn it was originally looking to raise. The company may have reduced the amount it is seeking because of the challenging economic climate, Jefferies analyst Ingeborg Øie told Clinica: "This is partly a junk bond, and it's difficult to raise low-grade debt at the moment. The reduction is probably a reflection of the demand in the market." Junk bonds offer higher returns than conventional bonds, but at a higher risk of default.

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