Business / news
Partners Group faces €6bn refinancing crunch across Breitling and other holdings
Swiss private markets firm Partners Group is racing to refinance about €6 billion in debt at three portfolio companies, including watchmaker Breitling, as maturities approach in 2028.
The Zug-based alternative manager needs to extend maturities at Emeria SASU, Ammega Group BV, and Breitling AG, which collectively carry billions of euros in debt due in 2028. Loans tied to all three companies are trading well below face value, a signal of credit stress, and their credit ratings have been cut to the lowest junk tier.
The tight deadline creates the prospect of simultaneous refinancings, adding to a turbulent period for Partners Group, which was founded three decades ago. The firm has recently faced a wave of client withdrawals, a short-seller attack, and a decline in its share price, intensifying pressure on management.
The sponsor has also marked down the valuations of Ammega and Emeria, citing weaker trading conditions and operating performance. Meanwhile, Breitling, chaired by Partners Group founder Alfred Gantner, is confronting softer demand for luxury watches.
Despite the strain, Ben McLean, managing director for private equity at Partners Group, said the businesses are not in a stressed situation and expressed confidence in their financials.