RLPC-Selecta to refinance debt via high yield bond market
LONDON, April 8
LONDON, April 8 (Reuters) - Struggling Swiss vending machine business Selecta is set to conduct a refinancing of its debt via the bond market, banking sources said on Tuesday.
Allianz Capital Partners (ACP) bought Selecta in 2007 for 772.5 million pounds ($1.28 billion) backed by 690 million pounds of loans, according to Thomson Reuters LPC (TRLPC) data.
The private equity firm tried to sell Selecta in 2012 but pulled the process after failing to find a buyer willing to meet its asking price.
Since then a number of Selecta's lenders have sold their debt, which attracted distressed funds including Centerbridge, SVP and Varde. [ID: nL5N0IQ3QV]
Now Goldman Sachs has been commissioned to conduct a refinancing of its loans by raising high yield bonds, the sources said.
ACP declined to comment.
Selecta's term loan debt was quoted around 96 percent of face value on Tuesday, up from 93.5 on Monday, its second lien at 90 compared with 81 on Monday and its mezzanine loan as high as 40 compared with 26, according to a trader.
Selecta was founded in Switzerland in 1957 and has annual revenue of around 750 million euros. It services more than 140,000 vending machines across 21 countries and employs around 5,000 people, according to its website. ($1=0.6020 pounds) (Editing by Greg Mahlich)