Latest news with #GoldenTree
Irish Times
13-06-2025
- Business
- Irish Times
Digicel ‘poised to refinance €2bn early' as it wins highest credit rating in years
Digicel, the Caribbean-based telecoms company founded by Denis O'Brien , is on track to refinance $2.3 billion (€2 billion) of borrowings by May 2026, a year ahead of schedule, according to Fitch Ratings, as it awarded the business the highest credit rating in six years following a series of debt restructurings. Fitch moved this week to give Digicel's main financing entity a credit rating of B. While this is five levels deep into what is known as junk status, it is the most favourable assessment of the group's creditworthiness since 2019. Meanwhile, S&P Global, another leading ratings firm, has assigned a similar rating in recent weeks to Digicel, forecasting that its earnings grew for a second straight financial year to the end of March. Mr O'Brien saw his stake in the business reduced to 10 per cent early last year as a consortium of bondholders led by PGIM, Contrarian Capital Management, and GoldenTree Asset Management took control of Digicel in January 2024 as they swapped $1.7 billion of its borrowings for a 90 per cent holding. It marked the group's third debt restructuring in five years. READ MORE 'Fitch expects the company to fully refinance its main debts (term loan and secured notes) due in 2027 by May 2026,' the ratings firm said in a statement. 'The ratings reflect Digicel's improved capital structure post-restructuring and expected successful refinancing of its 2027 secured debt, which reduces leverage and enhances debt maturity and liquidity profiles.' [ Digicel plans redundancies across seven markets in efficiency drive Opens in new window ] Digicel enjoys operating profit margins of about 40 per cent across its 25 markets, which are mainly duopolies. 'However, weak operating environments in markets like Haiti and currency depreciation risks offset these strengths,' Fitch said. S&P said it expects Digicel to refinance the 2027 debt 'in a timely manner'. The company also has $455 million of unsecured notes that fall due in 2028. The prospect of Digicel carrying out its first big refinancing since the 2024 debt restructuring has been boosted by the US department of justice confirming to the group in April that it has ended an investigation that was looking into whether the business had breached foreign bribery laws. Will rent reform make building apartments viable? Listen | 40:12 Digicel said in November that it had made a voluntary disclosure to the department of information 'relating to possible violations of the US Foreign Corrupt Practices Act' (FCPA). The Digicel disclosure to US authorities is said to relate to activities in Haiti, which has again descended into chaos in recent years as criminal gangs have grown in power. Armed gangs currently control of almost all of the country's capital, Port-au-Prince. The decision by US authorities to close the case had been due to a combination of information gleaned during the investigation as well as a move by US president Donald Trump in early February to pause FCPA enforcement actions. The US attorney general issued new enforcement guidelines this week, with an overriding theme that any decisions to pursue investigations must be focused on helping US interests abroad. S&P estimates that Digicel posted earnings before interest, tax, deprecation and amortisation (Ebitda) of $800 million for the year to the end of March. This would represent a 4.4 per cent increase on the result for the previous year. It also sees the group resuming modest dividends – of $16 million – for the first time in a decade. 'We assess Digicel's business risk profile as weak, reflecting its solid position in markets that have high barriers to entry, but are exposed to substantial macroeconomic volatility,' said S&P.
Business Wire
02-06-2025
- Business
- Business Wire
Walton Global Announces Expansion of Finished Lot Program with GoldenTree Asset Management
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Walton Global ('Walton'), a leader in real estate investment and land asset management, has executed a substantial commitment with GoldenTree Asset Management ('GoldenTree'), a global asset management firm with a track record in alternative credit strategies. The partnership will spur co-investment in lot banking transactions in high-growth corridors across key U.S. markets and support the expansion of Walton's Finished Lot Program, a central component of the broader Builder Land Financing strategy. When builders lack stable and secure access to land capital, housing delivery timelines can be disrupted. GoldenTree's commitment aims to address housing supply constraints in the U.S. by supporting disciplined land inventory strategies for homebuilders. Together, Walton and GoldenTree will deploy capital into transactions in markets with strong demographic and employment growth facilitating the development of new housing in the regions where demand is most pronounced. Walton's performance in this space has been marked by success, with the completion of six full-cycle communities, the recent closure of its 28 th acquisition under the program, and a robust pipeline of opportunities in place for future investment. Through this commitment, Walton's funds will also have opportunities to co-invest, further enhancing the scale of the Finished Lot Program. 'Working with GoldenTree advances our objective of supporting our homebuilder clients in delivering high quality, much-needed housing to the market,' said Jordan McKenzie, Executive Vice President of Finance & Portfolio Management at Walton Global. 'We are focused on providing funding for near-term residential finished lot opportunities in U.S. markets that align with our identified drivers for growth.' International law firm Squire Patton Boggs served as legal counsel to Walton. Cedar Porch Capital served as advisor to Walton. About Walton Global Walton Global is a privately-owned, leading land asset management and global real estate investment company with more than 80,000 acres of land under ownership, management and administration in the United States and Canada, totaling $4.53 billion. With more than 46 years of experience, Walton has a proven track record of land investment projects within the path of growth in the fastest-growing metropolitan areas. A total of $2.7 billion has been distributed to investors located in 92 countries. The company works closely with top U.S. home builders, developers and industry partners. Business lines include exit-focused pre-development land investments, builder land financing, development projects, DST offerings, and various fund structures. For more information, visit About GoldenTree GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, private equity and credit-themed equities. GoldenTree was founded in 2000 by Steven Tananbaum and is one of the largest independent global credit asset managers. GoldenTree manages $58 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. GoldenTree has over 310 employees, with offices in New York, West Palm Beach, Charlotte, Newport Beach, Dallas, London, Dublin, Munich, Singapore, Sydney, Tokyo and Dubai. For more information, please visit
Bloomberg
07-05-2025
- Business
- Bloomberg
Bloomberg Wealth: Steven Tananbaum
GoldenTree Asset Management Founder, Managing Partner, and CIO Steven Tananbaum speaks with David Rubenstein for the premiere of Bloomberg Wealth Season 5. Tananbaum shares his journey — from forming an investment club as a college student at Vassar to eventually co-founding his own firm. Today, he oversees about $60 billion in assets, specializing in credit with a focus on public debt, distressed debt, structured products and emerging markets. Tananbaum also weighs in on the global economy, the dollar, and the growing competition in private credit. This interview was recorded April 9 in New York. (Source: Bloomberg)
Yahoo
06-05-2025
- Business
- Yahoo
Tananbaum on Tariffs, Risks of Recession
GoldenTree Asset Management Founder, Managing Partner and CIO Steve Tananbaum discusses the impact of President Donald Trump's ongoing tariffs and the weakening of economic confidence. He speaks with David Rubenstein for an episode of Bloomberg Wealth. This interview was recorded April 9 in New York.
Bloomberg
06-05-2025
- Business
- Bloomberg
What GoldenTree's Tananbaum Looks for in an Employee
GoldenTree Asset Management Founder, Managing Partner and CIO Steve Tananbaum discusses the qualities he looks for when hiring candidates at his firm. He also describes the markets as a great business school and encourages his employees to pursue the CFA designation. He speaks with David Rubenstein for an episode of Bloomberg Wealth. This interview was recorded April 9 in New York. (Source: Bloomberg)
