* OpCapita confident of raising 40 mln stg asset-backed
* Needs funding in place by Feb. 3 completion date
LONDON Dec 2 OpCapita, the private
investment firm that has agreed to buy Kesa Electricals'
loss-making Comet chain in the UK, is confident of
securing a line of financing essential for the deal to proceed,
a person familiar with the situation told Reuters.
Under the terms of the Nov. 9 deal that saw Kesa agree to
sell the 248-store Comet chain to OpCapita for a nominal 2
pounds, OpCapita must secure a 40 million pounds asset-backed
lending facility before the Feb. 3 completion date.
If it fails to do so the disposal will not proceed and
OpCapita will pay Kesa a 30 million pounds break fee.
A report in Friday's Times newspaper said OpCapita had yet
to secure the 40 million pounds, raising doubts over the Comet
However, the person familiar with the situation said this
was merely a timing issue.
"OpCapita is in negotiations on final documentation of an
asset-backed facility with one lender. There are also on-going
discussions with a number of other lenders as OpCapita seeks to
get the best terms for the financing," the person said.
"This is the normal course of business in lining up working
capital financing for a transaction that does not complete until
The asset-backed facility combined with a 50 million pounds
dowry from Kesa and 30 million pounds of equity from OpCapita
will provide Comet with the funding to operate in the current
Shareholders in Kesa will vote on the deal at a Dec. 15
Shares in Kesa, which reports first-half results on
Thursday, closed up 0.4 percent at 85.1 pence, valuing the
business at about 449 million pounds.