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Hellman-backed Verisure puts bondholders on the spot: Financial Times

Verisure, a portfolio company of Hellman & Friedman, wants bondholders to suspend their customary protections so it can pay a 1 billion euro ($1.16 billion) dividend to its owners, the Financial Times is reporting. Verisure, a Swedish security alarm business, is looking to raise 1.8 billion euros of new debt to fund the dividend and repay existing debt, the story said. Verisure’s existing bonds do not allow for such a large dividend payment, the FT said, and the company is offering bondholders a fee in order to waive and amend them, through a process known as a “consent solicitation.”