Wendel arranges debt deal with Materis lenders
Wendel, a French-listed private equity group, has arranged a deal with its portfolio company Materis’ lenders over its €2bn ($2.82bn) in debt, according to reports.
Lenders have deferred the payment of €290m ($408.6m) in debt to 2013 and provided a €100m ($140.9m) acquisition and capital expenditure facility. In return for this offer, Wendel and the company’s managers will inject €45m ($63.4m).
The French private equity firm has already written off its stake in the building materials group.
Materis has suffered from a drop in sales due to the crisis in the construction industry.
Wendel is listed on Euronext Paris and typically makes investments of €100m in industrial and service companies.
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Private Equity News» By News Type» Firm News
Private Equity News» By PE Sector» Buy-out
Private Equity News» By Region» Europe» Western Europe» France
