In an announcement today by Bayside Capital, it disclosed that a venture fund administered by Bayside had concluded a venture in Consolis, a renowned European producer of assembled concrete products. The current financial investment, done in partnership with LBO France, a private equity guarantor, is part of an active debt restructuring program aiming to lower loan overheads and reserves as new capital to help the company in its return to financial viability.
As part of the deal, Bayside sponsored new super senior loan facilities amounting to EUR45 million where LBO France will complement it with its own share of EUR45 million as a separate investment. Other details of the deal include rescheduling of maturity for the senior debts and change of roughly half of the senior debt and the rest of the junior debts into shares and assets.
"We are very excited to back Consolis in this crucial phase of its development. Additional fresh capital, combined with the establishment of a sounder capital structure, will enable Consolis' first-class management team to harness the company's unmatched capabilities as it reaps the benefits from a recovery in its key markets," according to Bayside Managing Director, Lionel Laurant.
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