KKR (KKR) will transfer the ownership of Switzerland-based vending machine company Selecta Group to a consortium of the company's existing creditors as part of a recapitalization deal, Bloomberg reported Wednesday, citing people familiar with the matter.
The lender group includes Invesco (IVZ), Man Group, Strategic Value Partners and Diameter Capital Partners, the report said.
Selecta said Wednesday in a statement it will receive 330 million euros ($374.2 million) in new funding as part of the deal, and its debt will be reduced by 1.1 billion euros.
The new funding will be used to refinance an existing revolving credit facility and strengthen liquidity, Selecta said. The transaction is expected to close in Q2.
KKR, Invesco, Man Group, Strategic Value Partners and Diameter Capital Partners didn't immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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