A roughly €17 million piece of Comdata SpA's loans traded this week in the secondary market in a mid-50s context, according to traders, as the Italian call center firm readies a debt restructuring agreement.
The group is in the process of fine tuning a restructuring plan that will see owner The Carlyle Group exit the business, according to sources.
The plan, which was originally tabled in December, envisages a conversion of roughly 40% of Comdata's debt into so-called Participating Financial Instruments. Carlyle will either exit the business immediately by giving keys to lenders or put the company and/or its assets up for sale.
Comdata declined to comment, while Carlyle did not respond to a request for comment.
Lenders agreed to a standstill process on the group's loans at the end of last year after it missed its earnings target.
The firm's €355 million term loan and €80 million revolver were put in place in 2017 to refinance the 2015 LBO debt put in place to back Carlyle's buyout and to potentially pay a dividend.