UK: Permira discusses Valentino debt with major lender
UK private equity company Permira is expected to buy around a third of the debt in its Italian luxury goods firm Valentino Fashion Group this week.
A spokesperson for Permira told just-style today (8 December): "We are close to a positive agreement with the lender."
Negotiations are believed to concern EUR730m (US$1.08bn) worth of senior debt from Citigroup, which Permira is likely to settle for between EUR200m and EUR300m.
Valentino's other major lenders are UniCredit and Mediobanca.
Permira took control of Valentino in 2007 through its Red & Black Lux unit, in a deal that Dow Jones Newswires reported was worth EUR2.67bn.
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