ITALY - BC-backed Seat close to refinancing debt

Seat, which is due to hold a board meeting tomorrow, is said to be requesting RBS authorisation to issue a EUR 500m-1bn bond as part of the refinancing proposal. The company entered negotiations with RBS in late December.

The yellow page directory publisher was acquired by BC, CVC, Investitori Associati and Permirain August 2003, in a deal estimated at over EUR 3bn, acquiring a 62% stake. On completion of the buyout, the consortium launched a public tender offer for the remaining shares in the business.

At the time the debt was arranged and underwritten by BNP Paribas, Barclays Capital, Credit Suisse First Boston and Royal Bank of Scotland, and accounts for around 75% of the total funding structure.

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• Topics
• Restructuring
• Industrials
• Southern Europe