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Buyout firm Apax Partners has deployed two of the most controversial private equity practices of the boom-era, by taking out a covenant-lite loan on a portfolio company in order to pay itself a dividend.

Apax-owned Trader Media, which publishes Auto Trader, will take on £150m of additional debt to fund a dividend for the private equity firm. The new loan is the first covenant-lite package to be issued in Europe for four years, according to law firm Eversheds.

The UK buyout firm has deployed two of the most controversial private equity practices of the boom-era, by taking out a covenant-lite loan on a portfolio company in order to pay itself a dividend

Ayesha Javed

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Apax to pay dividend with cov-lite loans

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