Hantering av risk i en Leveraged Buyout-miljö: Ägarförändringsklausulen, ett nytt fenomen?

Sammanfattning: The change of control clause is nowadays a well used covenant in the Eurobond market, with the aims to protect bondholders in case of a leveraged buyout. This thesis intend to evaluate whether the change of control clause is a new phenomenon in the Eurobond market today and to estimate what have been the driven force for the popularity of it. The thesis found that the change of control clause already existed before and thus it is not a new phenomenon. Several factors where found though to explain the extended use of the clause today. Starting in 2005 the LBO activity increased rapidly, exposing almost every company to the risk of LBO. As a reaction to this bondholders have started to demand the change of control clause both indirectly and directly. In order for companies to raise capital they have accepted investors demand for protection. However, companies have succeeded in issuing bonds that lack protection by advantaging from a stable ownership structure or some investors need of investments. Nevertheless, once the clause has been used for one of the company’s bonds, the company, in order to not mistreat investors, will have an incentive to continue to use it for all bonds in future issues. Thus, the thesis concludes that the change of control clauses’ existence and use will be even stronger in the future.