NEWS & VIEWS

Global private equity and venture capital news and research

KKR in talks with Centerbridge over refinancing Germany’s Auto-Teile Unger

8 Aug 2013

Global private equity group KKR is looking to agree a restructuring deal with distressed securities firm Centerbridge for German car parts company Auto-Teile Unger (ATU), according to Reuters.

KKR is looking to swap some of the company’s debt for a stake in the company. Some €600m-worth of debt could be exchanged with ATU bond-holder for a non-majority stake, the report said.

KKR bought ATU from UK buyout house Doughty Hanson for €1.45bn back in 2004, with financing for the deal being added to the company’s balance sheet, Reuters said.

Since then it has invested close to €140m to shore up the struggling company’s finances. In 2010, the firm bought another 18.5 per cent stake from Doughty Hanson, while also refinancing some €450m in senior debt, alongside €143m in mezzanine and second lien loans.

KKR is also said to be considering a high-yield bond as a means repay the debt and provide working capital for future investments.

The firm has also hired JP Morgan to explore alternative exit options, including a potential sale, the report said.

Copyright © 2013 AltAssets

FUNDRAISING & INVESTOR RELATIONS


Legals & Terms of UsePrivacy Policy


AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2014