Bain Capital to Hand Precast Concrete Firm Consolis to Creditors [BNN Bloomberg (Canada)]
Perella Weinberg Partners - Class A (PWP)
Company Research
Source: BNN Bloomberg
Consolis agreed to a deal under which it will receive €115 million in additional liquidity from creditors via various facilities, according to a statement Saturday. At the same time, bondholders will see their holdings swapped for equity and Bain's stake in the business will shrink to 4% after the transaction closes. The company, which makes precast concrete, has been struggling with a downturn in the property market across Europe since the rise in interest rates, which has sapped demand for residential construction. The company operates across Western and Eastern Europe, as well as emerging markets. Consolis reached agreement with a group of bondholders who hold about 66% of the value of the notes, according to a presentation. Bondholders outside of the group can receive an early-bird fee if they agree to it by May 24. Consolis anticipates the transaction to close in the third quarter, with lenders providing €70 million in interim liquidity while negotiations are ongoing. Lend
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PWP
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- 5/3/24 - Form 10-Q
- 5/3/24 - Form 8-K
- PWP's page on the SEC website