double cropping
n.— «Sardi said the Edcon deal, which was concluded last year when Bain bought the retailer for R25bn, remained SA’s biggest private equity transaction. But, said Sardi, the debt on the Edcon deal was trading at a significant discount to par value. In other words, the value of Edcon has fallen below its purchase price but Sardi said this had become something of a trend in international private equity deals and many managers were starting to do what is known as “double cropping.” It is usually an agricultural term but in financial lingo it means that the private equity companies that invest more of the equity than the debt in a deal and are the funders of last resort, are now stepping in to buy up the debt.» —“Private Equity Groups Face Funding Pinch as Crisis Bites” by Renée Bonorchis Business Day (Johannesburg, South Africa) Oct. 10, 2008. (source: Double-Tongued Dictionary)
Further reading
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