TDR to Exchange Albacore’s Stonegate PIK Facility for Stake

As part of Stonegate’s debt refinancing, owner TDR Capital has agreed with Albacore Capital LLP to exchange its commitments as a lender under the payment-in-kind facility for a non-controlling shareholding interest in the pub operator, with customary minority protections and the right to appoint a board director, according to an emailed statement sent by private equity firm on Wednesday.

• NOTE: Bloomberg reported earlier on the conversion of the PIK facility into an equity-like instrument
  • Stonegate Nears Debt Refinancing With New Funds From TDR (1)
• TDR will also provide about £250 million to refinance the debt
• Refinancing comprises £2.1 billion of ...