GERMANY - RHJ's Honsel in debt-for-equity swap

RHJ has injected EUR 50m equity into Honsel, a supplier of auto parts, enabling them to retain a 51% stake in the business. Senior term lenders will hold the remainder, as the firm's debt has been reduced from a reported EUR 510m to EUR 140m.

RHJ, via Ripplewood Holding, acquired Honsel from Carlyle Group in 2004, in a deal said to be valued at EUR 700m including debt. Honsel had then been in Carlyle's portfolio since the EUR 60m take-private in 1999.

Headquartered in Meschede, Honsel AG, produces light-metal components for the the automotive industry.

The coordinating committee of senior lenders was led by BlueBay Asset Management and Oaktree and advised by Latham & Watkins.

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• Topics
• Restructuring
• DACH