KKR takes control of Ursa via debt restructuring

The creditors will inject additional funds into the Ursa Insulation Holding subsidiary in exchange for a 90% stake, following the business's failure to meet covenants on its debt.

KKR‘s sub-investment grade manager KKR Asset Management provided the company with a €320m seven-year facility in April 2013. The financing was earmarked for the international expansion of Ursa and the repayment of its existing debts.

Uralita will retain a 10% stake in the subsidiary following completion of the latest deal. The group will transfer €360m of debt and €400m of assets to Ursa as part of the agreement.

Company
Headquartered in Madrid and founded in 2004 by the merger of Poliglas and Pfleiderer, Ursa produces insulation products for use in the construction sector. The business generated a turnover of €140m in 2014.

People
Jesús Olmos oversees KKR's Spanish operations.

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