Cerba Healthcare Bank Debt Trades Before Talks With Creditors
A €30 million ($35 million) portion of Cerba's revolving credit facility was sold at just below 70 cents on the euro Tuesday, according to people familiar with the matter, who asked not to be identified discussing private trades.
The transaction, which follows other recent trades, shows creditors are positioning for talks over Cerba's capital structure with owner EQT AB planned after the summer holidays, said separate people familiar with the matter.
Representatives for the private equity firm and Cerba declined to comment.
Cerba is feeling the effects of a €4 billion debt pile that's becoming harder to service amid rising costs and lower pricing on medical testing set by the French government. The company has a €450 million revolving credit facility due in 2027, with €84 million still available as of the end of March, Bloomberg has previously reported.
Holders of the company's first-lien debt are working with legal advisers Milbank LLP and Willkie Farr & Gallagher LLP and are set to soon appoint a financial adviser, the people said. The group also has cross holdings in the second-lien debt, they said.
Representatives for the law firms didn't return emails seeking comment.
Cerba's €720 million of secured bonds due 2028 are quoted at 72 cents, according to prices compiled by Bloomberg. The company's €525 million of unsecured bonds are indicated at about 20% of their face value.
Canadian pension investment manager PSP Investments holds a minority stake in Cerba, with some equity also owned by long-time managers and biologists.
More stories like this are available on bloomberg.com
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