THE WHAT? KKR and its fellow investors in Geneva-based haircare company Wella are set to tap the company for one of the largest-ever dividend payments taken in Europe’s leveraged loan market, as reported by Bloomberg.
THE DETAILS According to people familiar with the matter, shareholders will be inline for a US$989 million equivalent payment from Wella – the biggest dividend to be taken in the region since 2017.
Wella is expected to raise cash by refinancing an existing US$1.2 billion loan.
THE WHY? The transaction is said to highlight the strength of KKR and its ability to gain favourable terms in Europe’s leveraged loan market.