Refinancings by European and US buy-out firms - money taken out as dividends or to fund portfolio company development - almost tripled to a record €33.9bn ($40.2bn) last year, according to data provider Dealogic. The firms refinanced €12.9bn in 2004.

These refinancing involve increasing debt on a portfolio company's balance sheet and using the surplus to pay themselves and their investors dividends or to fund corporate growth plans.