PE-backed SEAT PG increases capital to relax terms on debt

Sources report that the main investors in listed Italian publishing house Seat Pagine Gialle Spa, CVC Capital Partners, Permira and Alfieri, have subscribed about EUR49.6% (EUR99.2m) of a planned EUR200m capital increase launched by the company in late March.

The move was approved by Seat PG shareholders in late January as part of a December deal with top creditor Royal Bank of Scotland (RBS) that relaxed terms on Seat's senior debt. The operation, expected to strengthen the financial position of the company. Aside from being endorsed by the company's PE investors, all major shareholders have given their commitment to fully exercise their stock options.

BC Partners, Permira, CVC Capital Partners and Investitori Associati invested in the company in 2003, in a deal valued at EUR3.74bn. The group has also announced a commercial agreement with Google for online advertising in recent weeks.

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