Carlyle Hands Praesidiad Over to Lenders in Debt Deal (1)

Private equity firm Carlyle Group has agreed to hand ownership of Praesidiad Group Ltd. to a group of creditors as part of a deal to restructure its balance sheet.

The agreement comes after the security products firm faced headwinds from the rise in raw material prices such as steel and a slowdown in the European construction sector. If the deal is approved by regulators, Praesidiad’s outstanding debt will be cut by about €240 million ($262 million) and the maturities will be extended to 2027, according to a company statement Monday.

Lenders have also agreed to provide €25 million of additional ...