A consortium of private credit firms including Pemberton Asset Management, Blue Owl Capital, and Hayfin Capital Management, are acquiring ownership stakes in telecom-equipment supplier Netceed in exchange for writing off some of their debt as part of a debt-for-equity swap, according to a report by Bloomberg.
Under the terms of the agreement Netceed, which is controlled by private equity firm Cinven, will receive roughly €70m ($81.2m) in fresh liquidity to support its operations.
The transaction represents one of the largest leveraged-credit-led restructurings in Europe’s telecom-equipment sector, signalling a growing role for private-credit providers not only as lenders but as equity owners in stressed platforms. Netceed’s debt structure reportedly includes over $1bn of term loans, much of which is held by private credit lenders.
