Novasep in €310m recap

In addition to the FSI and Azulis Capital - which contributed €30m and and €3m respectively - Novasep's management team also received a "significant financial stake" in the business.

As reported by unquote" in November last year, Novasep was taken over by its lenders - which include US credit funds Tennenbaum, Silver Point and Pimco. Gilde relinquished its 46% stake in the business, reportedly recouping only €9m on the exit.

The GP, together with minority investor Azulis Capital, backed the €425m MBO of Novasep in 2006. The €310m debt package, which was arranged by ING and HVB, was largely bullet and included a large capex facility, some mezzanine and second lien debt.

The company breached a covenant on its loans in mid-2011. It previously refinanced the original debt structure by issuing a €375m equivalent euro/US dollar dual-tranche bond on the high-yield market in 2009.

 

 

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• Topics
• France
• Recapitalisation
• FSI
• Azulis Capital
• Gilde Investment Management