The UK buyout firm planning to take out a covenant-lite loan on a publishing company in order to pay itself a dividend, combining two of the most controversial private equity practices of the boom era, has secured an extension to its loans on the portfolio company as it continues to take advantage of the attractive debt markets.

Apax Partners has had its request to extend the maturities of loans on portfolio company Trader Media by two to three years in exchange for an increase in the interest payments approved by lenders, according to two bankers familiar with the situation. Trader Media publishes magazine titles including Auto Trader.