PAI Partners seals R&R Ice Cream buyout


paris 14_sqParis-based private equity firm PAI Partners reportedly plans to fund its acquisition of R&R Ice Cream from Oaktree with a €253m five year Payment-In-Kind Toggle note.

PAI is set to market the securities on Tuesday and Wednesday, said Reuters, citing one of the banks managing the deal.

Standard & Poor’s is expected to grade the securities CCC+. The bonds can be called after a year with first and last interest payments payable in cash.

The firm has chosen Barclays and Credit Suisse as joint bookrunners.

A consent solicitation ahs been sent to bondholders of R&R’s 8.375 per cent secured notes maturing in 2017 to amend the change of control provision, the report added.

Back in March PAI’s portfolio company Swissport International bought Scandinavian Airline Systems’s (SAS) handling operations in Denmark, Sweden and Norway.

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