Apax Partners is offering new debt worth £150m million to U.K. classified ads publisher Trader Media Group, Bloomberg reports. The private equity firm has been providing debt in a riskier covenant-lite lending format since 2007 to Trader Media.
Apax has offered lenders an interest at 5% more than the London interbank offered rate for the new seven-year term loan. It will also delay paying itself £50 million of the dividend until the leverage of the publisher falls to less than five times.
