Diagnostics company Alliance Medical Friday said it has agreed a restructuring deal that will see the stake of owners Dubai International Capital slashed to just 2.5% from 60%, while minority investor Bridgepoint is squeezed out totally.
Control will instead pass to the senior lenders, led by Lloyds Banking Group PLC (LLOY.LN), Commerzbank AG (CBK.XE) and M&G Investments, part of Prudential PLC (PRU.LN), which will take an 85% stake as part of a debt-for-equity swap. The company's mezzanine lenders will get a 2.5% stake and management will hold the remaining 10%.
Under the agreement, Alliance Medical's debt is narrowed to approximately GBP250 million from more than GBP570 million. In addition, the senior lenders have committed to inject GBP60 million into the company, which will be used for management's planned expansion of the business.
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