FRANCE - Astorg and ABN Amro lead EUR 65m recap of Onduline

The recap, which involves the full repayment of the mezzanine and a major part of the convertible bonds, will enable the business to reduce its cost of borrowing. Following the recap, net debt is lower than 3x its 2007 expected EBITDA. The transaction was made possible by the business' rapid deleveraging, thanks to strong performance in 2007 and the sale of non-core division Cellulose de La Loire to private equity firm Cerea Capital in August 2007.

Astorg and ABN Amro backed the company's MBO in March 2006.

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