Permira lines up payout with Iglo debt deal

Private equity firm Permira is gearing up to refinance the debt in frozen foods group Iglo and pay itself a hefty dividend after rejecting an EUR 2.5 billion (USD 3.17 billion) bid for the company, banking sources said on Monday.

Permira has lined up a refinancing with Credit Suisse and Deutsche Bank, bankers said, after snubbing a joint offer for the company from Blackstone and BC Partners — the last remaining bidders in a sales process last week — ending what would have been one of the largest leveraged buyouts of the year.

Permira was hoping the company would fetch around EUR 2.8 billion.

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