While it is no revelation that US firms have been exploiting their dominance of high-yield finance to good effect in the busy European buy-out scene, the scope for this advantage to pay dividends has just taken a notable step forward.
The step in question is the acquisition of Greek mobile phone company TIM Hellas. While the €1.1bn (£750m) deal has already attracted attention as Greece’s first leveraged buy-out, of more interest to advisers will be the deal’s structure, with the acquiring Apax and Texas Pacific securing debt funding almost entirely via the bond market.
