UK - Bridgepoint buys more Fat Face debt

The debt consists of mainly second-lien loans and the deal reduces Fat Face's total debt burden from £190m to £168.2m, which remains in excess of six times EBITDA. The company reported a rise in sales of 16.3% to £126.4m for the period up to July 2008 and its EBITDA rose 2.1% to £26.6m year-on-year.

In May 2008, Bridgepoint was the first private equity investor to buy back debt from a portfolio company, when it acquired £10m of loans from the company, which it originally acquired for £360m in 2007. The investor has paid an average of 56p in the £1 over the two transactions.

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