NYP opines that:
2-there is no out for Apax if banks fund the deal.
3-there is no out for the banks, and that is what matters.
My view here is that the banks will swallow their losses. Apax represents a future income stream vs a serious reputational risk from walking away now for all parties.
In 08 reputational risk of breaking a deal went out the window. PE funds and Banks could point to each other for ready-made excuses to try and wiggle out of poorly-written agreements using break fees.
2013 is a completely different environment. Debt markets are still strong and there is a ready market for the bank term loans, at some price, which may not be profitable to the banks. Walking from this deal and burning APAX (although Apax may not protest, too much) would be a very big deal.