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Huge discount for Goldmans debt offer
Evening Standard 14 Apr 2008
Goldman Sachs is trying to offload Euro 100 million (£80.3 million) of debt related to the buyout of a European yacht-builder last summer at one of the biggest discounts since the credit crunch began.
Bain Capital's Euro 1.4 billion leveraged takeover of Bavaria Yachtbau was backed by Goldman and Dresdner Kleinwort, which each took on Euro 450 million of debt last June.
Goldman is reported to be trying to sell on Euro 100 million of its share at just 65 cents in the euro. Hedge fund managers offered the debt said it was one of the largest discounts they had seen.
