Pamplona plans KCA Deutag takeover

The firm offered around $550m of new funds to the company and its lenders. This would be used to repay some of KCA's debt and provide it with additional cash.

Pamplona reportedly secured the backing of junior lenders following this offer. Under this plan, subordinated lenders would receive shares in exchange for writing off claims - management would also get a stake in the company.

The private equity firm now has to pitch its proposal to KCA's senior lenders, led by RBS.

Taken private in 2007 for £906m, KCA Deutag - formerly known as Abbot Group - has since struggled to respect the covenants on its $2.16bn debt.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

 

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• Topics
• Restructuring
• Industrials
• UK / Ireland