Cvc Capital Partners is said to have bought about 100 million euros in loans to Italy’s electric power group Tirreno Power from lending banks, Il Sole 24 Ore, wrote relaunching a news by Reorg Research, adding that among the sellers is Spanish group BBVA.
Other lenders include BnpParibas, Credit Agricole, Ing, Cassa Depositi e Prestiti, Intesa Sanpaolo, Mediobanca, Mps, Unicredit and Portigon.
Tirreno Power signed a debt restructuring agreement with its senior lenders on a total of more than 890 million euros of debt about two years ago.
The debt restructuring agreement between banks and Tirreno Power’s shareholders GDF Suez Energia Italia spa (Engie group) and Energia Italiana spa (gruppo Sorgenia) stated a 100 million euros recapitalization of the company by the shareholders, a debt-to-equity (capital partecipation instruments) conversion of 284 million euros of loans, 300 million euros in debt refinancing with a longer maturity at 2022, a 250 million euros mandatory convertible bond maturing in 2024, a 50 million euros revolving credit facility and reimbursement and write offs for 12 millions.
Consolidated financial results for 2016 showed that Tirreno Power posted 748.7 million euros of revenues that year (from 440.1 millions in 2015), a 21.8 million euros ebitda (from a negative ebitda of 8.8 millions) and a 514.4 milion euros net financial debt (from 565.1 millions).