SPAIN - Apax-backed Electro Stocks in debt-for-equity swap

The deal sees ING convert EUR 50m of its EUR 210m debt into equity, taking a 25% stake in the business. Simultaneously a further EUR 130m has been transformed into a "préstamo participativo" - a loan note composed of mezzanine and equity that is similar to the German 'silent partnership', or 'stille Beteiligung'.

Following the transactions the company's senior debt has been reduced to EUR 30m.

In addition to the debt-for-equity swap, Apax has invested a further EUR 20m into the company in order to strengthen its balance sheet and provide it with the necessary funds to carry out planned acquisitions.

Based in Barcelona, the company was aqcquired by Apax in 2007 in a deal estimated at EUR 350m. The difficulties faced by the real estate sector in Spain have affected the company's sales which have seen a 30% reduction in the last year.

The company employs 850 people and operates three logistics centres as well as 76 distribution points in the country.

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• Southern Europe