- IRS official refuses to answer questions at scandal hearing |
- Global stocks, oil fall after Bernanke; dollar gains |
- Oklahoma tornado victims astounded at how they survived |
- CORRECTED-White House threatens veto of bill to bypass Obama on Keystone
- British soldier hacked to death in suspected Islamist attack
RLPC-Carlyle set to hire banks for RAC dividend pay-out
LONDON Oct 2 (Reuters) - Private equity firm Carlyle is set to hire banks to refinance UK roadside rescue business RAC's debt to pay itself a 260 million pound ($420 million) dividend, people familiar with the situation said on Tuesday.
The dividend recapitalisation - a process that involves debt being added to existing borrowings to pay a dividend - is likely to launch to lenders as early as this week, the people said.
Carlyle declined comment.
Dividend recaps have been few and far between this year as bankers and loan investors worry about taking money out of a business during difficult market conditions.
However, RAC - the UK's second-largest roadside assistance business - has grown its earnings before interest, taxation, depreciation and amortisation (EBITDA) to more than 120 million pounds since Carlyle acquired it in June 2011.
- Tweet this
- Share this
- Digg this