CORRECTED-RLPC-EurotaxGlass secondary loan price slumps

(Corrects second paragraph to show EurotaxGlass is owned by Candover funds managed by Arle, not owned by Arle)

By Claire Ruckin

LONDON Nov 25 (Reuters) - Automotive data services firm EurotaxGlass Group's secondary loan prices have slumped to deeply distressed levels, which suggests that the company is moving towards a restructuring, several bankers said on Friday.

Loans in the company, which is owned by private equity firm Candover Partners' funds managed by Arle Capital Partners, are attracting interest from investors in distressed assets.

EurotaxGlass declined to comment.

The low levels quoted suggest that the company's subordinated junior debt could suffer heavy losses in a restructuring.

"The company is not doing fantastically, and there could be some sort of restructuring impacting the subordinated tranches," an investor said.

The company's second-lien loan is being quoted in the secondary loan market at 20.5 percent of face value, down from around 50 in October, according to Thomson Reuters LPC data.

Its mezzanine loan is being quoted even lower at 10 percent of face value from 30 last month, though one trader put the second lien and mezzanine as low as 10 and 5, respectively.

Arle was established via a buyout of Candover Partners in April 2011. Candover Partners acquired EurotaxGlass in 2006.

EurotaxGlass's buyout was backed by 355 million euros ($473 million) of debt including a 75 million euro mezzanine tranche and a 22.5 million euro second-lien facility, Thomson Reuters LPC data shows.

The company has already reset its loan covenants after breaching them in the first quarter of 2010.

EurotaxGlass operates in 19 countries and is a leading provider of pan-European automotive intelligence including proprietary valuation data to dealers, fleet and finance companies and car manufacturers. ($1 = 0.7506 euros) (Reporting by Claire Ruckin; Editing by Will Waterman)