KCA Deutag lenders agree to debt restructuring
Mezzanine investors have accepted a debt-for-equity swap and senior lenders will be paid down after drilling company KCA Deutag announced the complete of its debt restructuring. Shareholders in the company have injected $550m of new equity, of which $300m will pay down senior debt and $250m will be used to grow the business.
Pamplona is the largest shareholder in KCA, having bought out US private equity firm First Reserves stake late in 2010. GoldenTree Asset Management, EIG Global Energy Partners and BlackRock Financial Management also have stakes.
Standard & Poors downgraded KCA from B- to CCC in August 2010, after a planned
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