Axa PE-backed Saur in debt-for-equity swap

BNP Paribas, BPCE and RBS will become the company's main shareholders while Axa PE, FSI and infrastructure fund Cube will write their investments off.

In return for the equity stakes, the company's lenders agreed to halve Saur's outstanding debt to €900m. New credit lines worth an overall €200m will be put in place, while annual interest charges will be cut down by two thirds to €30m.

A syndicate led by state-backed CDC and including industrial company Séché Environnement and Axa PE acquired Saur from PAI partners for €2.3bn in 2007. PAI had bought Saur in 2004 for €1.037bn. Part of the investment was syndicated to Cube in 2008 and CDC's stake was managed by FSI following the creation of the state-backed fund.

The company struggled under the weight of the 2007 LBO's debt and reportedly breached covenants last year.

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• Topics
• Exits
• France
• Infrastructure
• France
• Axa Private Equity
• FSI
• Debt-for-equity swap