3i-backed Enterprise in potential restructuring

The potential restructuring follows the sale of its £725m debt held by Lloyds and Citibank to various funds earlier in the year. It is believed that the company is in talks with Blackstone's advisory and restructuring arm as well as Freshfields to assess various possibilities. 3i wrote down its equity stake in the business to zero in March but continues to hold part of the PIK it acquired from Lloyds and Citi.

The debt in Enterprise is said to consist of a £110m revolving credit facility, a £465m term loan B, a £75m second-lien tranche as well as a £75m PIK. It is understood that Lloyds and Citi have retained the revolving credit facility. The rest of the debt was sold at a discount believed to be 74% of face value. Acquirers of the debt included Sankaty, Goldman Sachs, KKR, Centerbridge, Davidson Kempner Capital Management and Angelo Gordon.

3i acquired British maintenance and support services provider Enterprise through a take-private transaction in 2007. The deal gave the company a market cap of £486m and enterprise value of approximately £700m.

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• Topics
• UK / Ireland
• Restructuring
• Support services
• 3i
• Lloyds
• Goldman Sachs
• KKR