Crest Nicholson will unveil a deal today with its lenders that will see the indebted privately-owned housebuilder exchange £630m of net debt for a 90% stake in the company.
Holders of its senior debt will take 86% of the company’s equity. A further 4% will go to the lower-ranking second lien debt-holders, while the remaining 10% will go to management. The remaining £500m debt will consist of senior debt.
HBOS-Lloyds will end up with the largest single stake. The 50% equity holdings owned by HBOS’s Uberior investment vehicle and Sir Tom Hunter’s West Coast Capital will be wiped out.
11/02/09 Financial Times 19
