One day after Jason Lee, managing director and head of private equity (PE) firm Carlyle Group''s Asian real estate division confirmed that the firm was considering going public, a fixed-income affiliate of the firm yesterday announced the postponement of a planned initial public offering on the Euronext Amsterdam stock exchange.

In a statement, the Washington-based firm said, "CCC is preparing a supplemental offering memorandum that will contain a revised timetable for the global offering and other changes to the terms of the global offering."

Carlyle expects approval for the changes within a week. "We have reduced the offering to $300 million from $400 million and reduced the price to $19 per share," a spokesperson for Carlyle said. "There''s been some instability in the credit market, which is the reason for the alteration of the terms." The offering will supplement the $600 million raised in a private placement last year

The postponement follows Kohlberg Kravis Roberts & Co. and Clayton, Dubilier & Rice Inc. deciding to finance their $7.1-billion buyout of US Foodservice Inc. with a bridge loan instead of a bond and senior debt financing.

Citing disturbed market conditions Arcelor Finance has also set aside plans for its bond issue.

According to Standard & Poor''s, about $250 billion worth of financing arrangements are waiting to come to market.

Carlyle''s decision also follows the fate of the Blackstone Group LP stock, which after surging is trading below the offer price, which analysts attribute partly due to concern that the US Congress could increase taxes on the profits of publicly traded PE firms from 15 per cent to 35 per cent.

Carlyle had announced its plan in May to list its fixed-income affiliate on Euronext Amsterdam, in the footsteps of US buyout firm Apollo Management LP and KKR. Lehman Brothers Inc. also recently announced plans for a $500 million July IPO in Amsterdam.

Only last week Carlyle set a price range between $20 and $22, since reduced to $19. The offering will include roughly 18.874 million of new Class B shares and 173,200 B shares sold by existing shareholders. Shares will be sold through a placement with institutional investors in the Netherlands and other countries but not available to investors in the US..

Carlyle''s IPO is being handled by Bear, Stearns International Ltd, Citigroup Global Markets Ltd, Deutsche Bank AG, Goldman Sachs International, J P Morgan Securities Ltd. and Lehman Brothers International.

According to the original prospectus, the underwriters will also have an over allotment option to sell an additional 2.857 million shares.