KKR Hands Concessions to Investors in Food Firm Loan Refinancing

The refinancing of Dutch food company Upfield BV’s debt has drawn significant concessions from owner KKR & Co. in an effort to win over investors, a sign of the changing balance between lenders and borrowers in the leveraged loan market.

The private equity firm is offering to improve an array of lender protections that govern the loans it’s seeking to extend, according to people familiar with the matter, who aren’t authorized to speak publicly. KKR is also increasing the interest payments that Upfield will give lenders, the people said.

The concessions show investors are attempting to get back some ...