British Vita lenders support debt for equity swap

Lenders to British Vita, the UK chemicals group, have voted to support a debt to equity swap restructuring of the company’s debt. Over 75% of lenders — enough to approve the scheme of arrangement — voted in support on Friday.

  • 20 Apr 2009
Under the terms of the restructuring, Texas Pacific Group, the sponsor, and mezzanine lenders are injecting Eu60m of new money, in return for 50.1% of the equity. The senior lenders’ debt is to be written down to Eu100m in return for 37.5% equity and the mezzanine to zero, ...

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2 Rabobank 35.35
3 Morgan Stanley 11.45
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1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%