The firm, which runs vending machines across the
A €220m payment in kind (PIK) note has also been sold to the fund management division of US private equity firm KKR.
Falling revenues and shrinking cash flows have forced the company's backer
"We are confident that based on the strategic initiatives and efficiency measures implemented over the past 18 months Selecta is well positioned to further strengthen its leading market position,"
The B+ rated bonds, which are senior secured issues, have been sold in two tranches with a yield of 6.5 per cent, a relatively low rate given the higher level of risk they will default.
KKR has bought the seven-year PIK note as a junior unsecured note and the buyout shop will also have the right to receive a substantial equity portion of Selecta when
Selecta chief executive
Selecta, which has operations in 21 countries, including the
One of its rivals,
Autobar was sold by its private equity owner
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