CSFB and JP Morgan have approached the syndicate of senior lenders signed into the debt facilities which backed the Clayton, Dubilier & Rice buy-out of frozen food distributor Brake Bros earlier this year. The arrangers need agreements from the banks to slightly alter the position of the subordinated debt - a £175m bridge to a high yield bond - in the capital structure. Bondholders will be moved to just behind trade creditors. This will not alter the senior lenders' structural subordination - they will still get paid back.
December 20, 2002
