Private equity-backed Auto-Teile Unger (ATU) has unveiled a restructuring deal, which will see German car repair chain reduce its debt by over €600m.
The company will also receive €100m of equity and a new €75m credit facility from HayFin Capital Management.
Under the terms of the deal, ATU’s majority owner KKR will cut its interest and private equity firm Centerbridge Partners will become a majority shareholder.
Last month it was reported that KKR and ATU were close to securing a restructuring agreement with the company’s creditors including Centerbridge and Goldman Sachs.
Earlier in October, KKR reported that Energy Income and Growth Fund hit a first close of $1.4bn during the third quarter. KKR’s private equity investment portfolio grew 5.9 per cent during the quarter, taking the increase for the year to date to 12.5 per cent.
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