Partners Blocks Hedge Funds From Investing In Its Troubled Firms

Swiss private equity firm Partners Group Holding AG is stopping hedge funds from disrupting its efforts to refinance around €6 billion ($6.7 billion) of debt owed by some of its most troubled companies, even at the risk of shrinking the pool of buyers as their loan prices fall. The Zug-based alternative manager is leaning on parts of its loan documentation to block opportunistic funds from buying up the debt of three of its portfolio firms: Emeria SASU , Ammega Group BV and Breitling AG . All have billions of euros of debt coming due in 2028.