Carlyle LBOs Xmas

The buyout firm will take control of top plastic Xmas tree maker, Boto via an HSBC financed LBO.

Has Santa come early this year for Carlyle Group The firm plans to buy the Xmas tree business from Hong Kong company, Boto for HK$994 million $127 million.

Carlyle will then become the biggest plastic Xmas tree maker in the world.

It will inject HK$230 million of equity, and borrow $98 million HK$764 million to finance the remainder of the bid. HSBC will arrange the leveraged financing and provide an additional $40 million of working capital finance to run the business, fund letters of credit and so forth.

HSBC has long been the house bank to Boto and according to Paul Tay, its Greater China head of the debt markets client...

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