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Blackstone is limiting investors' voting rights in a $1.6 billion deal that could leave bondholders short-changed if things go awry
21 days ago | By Business Insider
Summary List Placement Blackstone is once again flexing its private equity muscles to get its way with investors in its latest acquisition-backed financing.
For the second time, Blackstone has included a provision that caps investors' voting rights in a bond at 20%, even if the bondholders accumulate more than 20% of the debt on offer. Typically, bondholders receive voting rights equal to how much bonds they own.
After inserting this language into its $1.2 billion fundraising supporting the acquisition of genealogy firm Ancestry last December, Blackstone has now placed the provision into a...
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