Bain's MYOB plans $131 mln notes offer to cut debt
MELBOURNE Nov 26 (Reuters) - Accounting software firm MYOB, the sole Australian investment of U.S. private equity firm Bain Capital, said on Monday it plans to offer A$125 million ($131 million) in five-year subordinated notes to help pay down debt and pay a return to its owner.
MYOB said in a statement the proceeds would partly repay senior debt used to finance the buyout of the firm, as well as make a return of capital to Bain.
Bain bought MYOB last year for about A$1.3 billion from Australian private equity firm Archer Capital.
Private equity firms have been forced to refinance debt for many businesses because sale options are reduced with the Australian IPO market virtually closed and merger appetite weak.
MYOB said its advisers were Deutsche Bank, Morgan Stanley and UBS for the notes issue. The notes will be listed on the Australian Stock Exchange.
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial |
- Google bus blocked in San Francisco gentrification protest
- Reporter can keep sources secret in Colorado theater shooting: court
- Couple, four children missing in Nevada found safe in canyon
- Regulators seek to curb Wall St. trades with Volcker rule |