EQUITIES: Buyout Bid Likely To End KNM's US$350m EB Plans
KNM’s long-delayed proposed US$350m exchangeable bond now looks unlikely to happen. The founder Lee Swee Eng, together with Goldman Sachs’ GS Capital Partners VI Fund, has made a M$3.6bn (US$1bn) bid to take the company private. Proceeds from the proposed CB, which was pushed back by more than a year due to tough market conditions, were intended to be used to refinance a bridging loan for the company’s acquisition of Borsig. KNM makes equipment for the oil, gas, petrochemical and mineral process
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