Global investment firm Bain Capital, and private debt investor Madigan Capital, are currently in talks to arrange a $500 million debt refinancing for Jon Adgemis’ Public Hospitality Group (PHG).
Bain and Madigan are jointly negotiating terms to lend against a handful of PHG’s pubs and hotels. If they succeed in signing with PHG, this would build on the blooming relationship between the two firms.
According to Commercial Real Estate, no deal had been finalised by Monday, but the duo was well-placed to sign a deal in the coming weeks.
Although there has been progress with refinancing, PHG is expected to experience loses.
In July 2022, Adgemis began talks to refinance his business due to challenges caused by COVID, including an impact on earnings and higher interest rates.
As revealed by this column, Adgemis commenced discussions for the refinancing in July 2022, as the business struggled from a COVID hit to earnings, and higher interest rates swelled it debt load while keeping the IPO market firmly shut.
At the time, these negotiations attracted various participants from the debt capital markets, including ex-Bank of Queensland CEO George Frazis.
READ MORE: Jon Adgemis acquires Sydney’s A-list Greek restaurant Alpha
Source: Commercial Real Estate.
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