IPC Systems (trading communications)

restructured

Technology / Financial Infrastructure — Silver Lake / Various PE

Deal Terms

Entry Year2007

Entry EV$0.75B

Entry Multiple10x

Leverage7x

Debt Amount$0.525B

Risk Metrics

LTV (est.)70%

Debt / EV0.70x

Notes

Silver Lake backed trading floor communications company. $525M debt. Financial infrastructure company hit by reduced trading floor headcount post-2008. Filed Chapter 11 to restructure. Trading desks shrinking as electronic/algorithmic trading replaces voice. PE bet on legacy financial infrastructure that was being disrupted.

Sponsor

Silver Lake$100B AUM