During the financial and economic crisis, highly profitable companies turned into loss-makers. The holding company could no longer service its debts, as the acquired company no longer generated any profit. Either the funds injected fresh capital or, in the worst-case scenario, the company had to file for insolvency.
By redeeming the bonds, SAV Gruppe has been able to free new bridging credit lines with the financing bank, or the financing bank agreed to an extension or suspension of the loan instalment.
Private equity funds furthermore nowadays have to "break the mould" in the area of financing with new arrangements. Some banks have thinned out their leveraged finance departments, or have even closed them down entirely (state banks).
It clearly makes sense to consider keeping bonds out of the banks' financing in the area of mechanical and systems engineering. If bonds are outsourced to guarantee insurers, the PE fund has a larger portfolio of collateral for the remaining portion of the financing. This is where SAV is your "ally" in relation to the guarantee insurers, seeing itself as the right hand of your treasury department, and as a small component of a well-structured financing.