瑞士私募股权公司合众集团控股公司正在阻止对冲基金干扰其对部分陷入困境公司所欠约60亿欧元（折合67亿美元）债务的再融资努力，哪怕这可能会随着贷款价格下跌而冒着缩减买家群体的风险。
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.
这家总部位于楚格的另类资产管理公司正依托其部分贷款文件，阻止投机性基金收购其三家投资组合公司的债务：埃梅里亚公司、安美加集团有限公司和百年灵股份公司。这些公司的数十亿欧元债务都将于2028年到期。
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.
知情人士称，随着重组谈判的加剧，这家瑞士公司一直拒绝来自对冲基金及其他专业投资者的请求，不同意将其加入埃梅里亚的获批放贷人名单。不过，对冲基金可以通过不在获批名单之列的债券参与该债务。
The Swiss firm has been refusing requests from hedge funds and others specialist investors to join Emeria’s approved lender list as restructuring talks have ramped up, the people said. Still, hedge funds could participate in the debt through its bonds, which aren’t covered by the approved list.
对冲基金和不良债务投资者通常会寻求通过低价买入债务来进入陷入困境公司的资本结构，然后主导与公司及其所有者的谈判，其目的要么是谈判达成对债权人有利的结果，要么是夺取对业务的控制权。
Hedge funds and distressed debt investors will often look to enter the capital structure of struggling companies by buying up the debt on the cheap and then leading talks with the company and its owner, either with the view to negotiate a creditor friendly outcome or to take control of the business.
为了将他们挡在门外，私募股权公司正越来越多地转向获批放贷人名单——通常被称为“白名单”。自金融危机以来，私募股权公司一直利用白名单来控制借款对象。作为公司贷款文件的一部分，这些名单列出了允许持有债务的基金经理。如果投资者的名字不在名单上，他们必须在买入贷款前征得发起人的许可。
To fend them off, private equity firms are increasingly turning to approved lender lists — commonly known as “white lists” — that private equity firms have used to control who they borrow from since the financial crisis. Forming part of a company’s loan documentation, these lists outline which fund managers are allowed to own the debt. If an investor’s name isn’t on the list they must seek the sponsor’s permission before buying into the loan.
对于担心对冲基金通过在陷入困境的公司中积累头寸来获取控制权的私募股权公司而言，这些限制正变得越来越重要，并且开始在合众集团发挥作用。
They’re becoming a bigger priority for private equity firms concerned that hedge funds are amassing positions in their troubled companies as a way to gain control, and are starting to kick in for Partners Group.
知悉相关文件的知情人士表示，法国物业管理企业埃梅里亚和荷兰输送带制造商安美加所发行的杠杆贷款受到的限制，属于市场上最严格的限制之列。这些限制长期以来一直存在，但随着这些公司的贷款陷入困境并迫使一些现有放贷人出售，它们正受到新的关注。
The restrictions on leveraged loans issued by French property management business Emeria and Dutch conveyor belt maker Ammega are among the market’s most stringent, according to people familiar with the documents. The limits have long been in place, but are drawing fresh attention as the companies’ loans fall into distress and force some existing lenders to sell.
前身为方西亚的埃梅里亚目前正与债权人谈判，以重组其36亿欧元的债务。合众集团可能不得不向该业务注入现金以达成协议。
Emeria, formerly known as Foncia, is currently in negotiations with creditors to rework its €3.6 billion debt pile. Partners will likely have to inject cash into the business to get a deal over the line.
知情人士还补充说，合众集团已禁止不良信贷投资者获取安美加的财务数据或买入其债务。
Partners Group has also barred distressed credit investors from accessing Ammega’s financials or buying into the debt, the people added.
合众集团的一位发言人指出，自2024年以来，该公司已在其私募股权投资组合中完成了超过490亿美元的再融资、资金筹措或重新定价。
A spokesperson for Partners Group noted that the firm has refinanced, raised or repriced more than $49 billion across its private equity portfolio since 2024.
在投资者严格审视下，为了提振业绩，该公司已在其私募股权部门裁减或重新分配了数十个岗位。
The firm has cut or reassigned dozens of positions in its private equity unit to boost performance under investor scrutiny.
知情人士称，就埃梅里亚、安美加和百年灵而言，它们的贷款主要由担保债务凭证以及其他不专门从事不良公司和重组谈判的投资者持有。
In the case of Emeria, Ammega and Breitling, their loans are predominantly owned by collateralized loan obligations and other investors that do not specialize in distressed companies and restructuring negotiations, the people said.
对这些投资者而言，获批放贷人名单使得退出变得复杂。根据彭博社汇编的价格，埃梅里亚于2028年3月到期的定期贷款标价为每欧元70欧分，而安美加于2028年12月到期的定期贷款报价为79欧分。百年灵于2028年10月到期的贷款标价为82欧分。
For these investors, exits are complicated by the approved lender lists. Emeria’s term loan due in March 2028 is marked at 70 cents on the euro while Ammega’s term loan maturing in December 2028 is quoted at 79 cents, according to prices compiled by Bloomberg. Breitling’s loan due in October 2028 is marked at 82 cents.
白名单造成的流动性问题在KKR集团旗下的杰西卡护理公司身上得到了凸显。该公司拥有具有限制性的获批放贷人名单，切断了来自不良债务基金的需求，并加剧了流动性紧缩。
The liquidity problems created by white lists came into focus on KKR & Co.-owned GenesisCare. The company had a restrictive approved lender list that cut off demand from distressed debt funds and exacerbated a liquidity crunch.
两位放贷人将这些限制描述为一把双刃剑。将对冲基金和不良债务基金挡在门外，可以保护现有债权人免受诸如“提级”（即精选的放贷人对借款人的资产获得更高顺位的索赔权）等策略的影响。
Two lenders described the restrictions as a double-edged sword. Keeping hedge and distressed debt funds out can shield existing creditors from tactics such as uptiering, where selected lenders gain higher-ranking claims on a borrower’s assets.
知情人士称，对冲基金有时可以通过副参与（即由第三方（通常是银行）持有贷款，同时将经济风险敞口转交给基金）来绕过转让限制。该基金受益于价格上涨和利息支付，但在重组中没有直接发言权。
Hedge funds can sometimes get around transfer restrictions through sub-participations, where a third-party, usually a bank, holds the loan while passing its economic exposure to the fund, the people said. The fund benefits from price gains and interest payments but has no direct seat at the table in a restructuring.
一些知情人士表示，即使是这条途径，对于支持合众集团旗下公司的贷款来说也很困难。这些文件允许借款人识别谁最终持有经济风险敞口，并在某些情况下强制取消交易。
Even that route can be difficult for loans backing Partners Group companies. The documents allow borrowers to identify who ultimately holds the economic exposure, and in some cases, force a trade to be cancelled, some of the people said.