UK - TPG to pump more funds into British Vita
Reports suggest that TPG Capital has agreed a restructuring plan with lenders to portfolio company British Vita, a UK-based chemicals group, that will see the buyout house inject extra capital into the company, while some of the debt will be converted into equity.
Under the terms of the agreement, TPG and the company's lenders will inject €95m into the business and debt will be slashed from €663m to around €100m.
In 2005, TPG backed the £668m take-private of British Vita plc, which specialises in the production of foam. The deal value equated to a per share price of 360 pence - 3.8% higher than its previous bid and 29% more than British Vita's closing price of 279 pence on the eve of the announcement. JP Morgan and UBS arranged a debt package to support the deal.
It has been reported that more han 75% of creditors approved the restructuring. A court hearing has been scheduled for Wednesday.
After the debt-for equity swap, senior lenders will reportedly have a 37.5% stake in the company, while TPG will have a 33.4% holding.
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