Carlyle Group LP, the world’s second-largest manager of alternative assets such as private equity and property, agreed to buy a minority stake in Beats Electronics LLC, the headphone maker founded by hip-hop artist Dr. Dre, for an undisclosed price.
Private-equity firms from Bain Capital to Onex Corp. are raising loans through companies they own to pay themselves dividends at a pace that exceeds even the frothy days leading to the worst financial crisis since the Great Depression.
Junk-rated companies agreed to boost interest rates on more U.S. loans than any time since at least 2011, as lenders extracted more compensation with prices of the floating-rate debt tumbling from a six-year high.
Beats Electronics LLC, the headphone company founded by music producer Jimmy Iovine and rapper Dr. Dre, is seeking $700 million in loans for a dividend and to repay debt, according to a person with knowledge of the matter.
Beats Electronics LLC, the headphone maker founded by music producer Jimmy Iovine and rapper Dr. Dre, withdrew plans to borrow as much as $650 million in loans due to market conditions, according to a person with knowledge of the deal.