Permira had been expected to announce a EUR 500 million (GBP 395 million) refinancing of Iglo this week after sale talks with two rival private equity houses broke down.
Sources said on Tuesday that the terms of the proposed bond issue were “not attractive enough” to warrant raising the cash — a large chunk of which would have been returned to investors.
The refinancing would have increased Iglo’s debt from EUR 1.4 billion, or 4.2 times earnings before interest, tax, depreciation and amortisation, to almost EUR 2 billion.
