| LONDON, April 8
LONDON, April 8 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
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.
(Editing by Greg Mahlich)