Permira to revive Iglo refinancing
Permira is exploring options to refinance the debt of its Birds Eye food group Iglo and take a dividend payment, an idea it dismissed earlier, after market conditions improved in September, banking sources said on Tuesday.
The private equity firm has been considering the possibility of refinancing the debt of Europe's largest frozen foods group Iglo after being approached by banks eager to advise on the deal, bankers said.
Permira declined to comment.
Permira had lined up a dividend recapitalization with Credit Suisse and Deutsche Bank just days after rejecting a 2.5 billion euro joint bid for the company from Blackstone and BC Partners as interest fell short of its 2.8 billion euro price tag.
Permira decided not to pursue the dividend recapitalization plan after it couldn't reach the level of dividend payout it wanted, loan investors said.