Charterhouse serves itself Elior cash for €349m dividend

27 Jan 2012

Charterhouse, the private equity owner of French catering company Elior, has tapped the company’s cash to pay itself a dividend of €349m, in a move that one lender described as "cheeky".

Around €260m of the cash is coming from Elior’s balance sheet, with the remainder drawn from its revolving credit facility.

Although Charterhouse was within its rights to pay the dividend, lenders pointed to Elior’s 2014 loan maturities, which the investors estimated Charterhouse would have to tackle within the next ...

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