Earnings Tweak for Tariffs Draws Scrutiny to Urbaser's Debt Sale
Spanish waste management company Urbaser SA has removed a clause from deal documents that would have allowed it to exclude the impact of the US trade war from its earnings, according to people familiar with its debt sale.
Urbaser, which is owned by private equity firm Platinum Equity, is seeking to raise €2.3 billion ($2.7 billion) in fresh debt from investors. An offering memorandum seen by Bloomberg included a provision that would have allowed it to tweak Ebitda, or earnings before interest, tax, depreciation and amortization, to exclude the impact of tariffs.
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