An agreement on debt Terreal

Most bankers manufacturer of tiles and bricks have agreed with LBO France to reschedule its debt. Fourteen months after being opened, the discussions between creditors Terreal bankers, LBO France's shareholder and management have finally succeeded. An agreement was approved by 72% of the banking syndicate to restructure the debt of the producer of tiles and bricks, purchased in 2005 in Carlyle and Eurazeo for 860 million euros. The new assembly would be composed of 30 million euros of super-senior debt, 500 million of debt ultimately repayable in 2014 and 402 million of PIK tranche at a rate of 4%. During this period, the leverage will be limited to 10 times EBITDA, now estimated at 50 million euros. Once the amount of the credit refunded, LBO France will rely on its 145 million euros of equity. After that, the bankers will receive a 49% LBO France and 51% of any additional equity.