Loparex has approached private credit investors to explore a refinancing of its existing debt, nearly two years after completing a distressed exchange, according to a report by Bloomberg citing people familiar with the matter.
The Pamplona Capital Management-owned company is seeking up to $1.5bn to refinance its first- and second-lien loans. Loparex currently has around $1.45bn of debt outstanding, based on Bloomberg data. Discussions are at an early stage and may not result in a transaction.
Loparex completed a distressed debt exchange in 2024 that provided $135m of new capital. At the time, S&P Global Ratings warned that the company’s capital structure remained unsustainable, noting it was reliant on improved business and economic conditions to meet longer-term obligations. As part of the exchange, lenders rolled debt into a $658m super-priority facility maturing in February 2027.
Private credit firms have increasingly financed leveraged and stressed companies, offering greater structural flexibility than banks, though typically at higher costs. Given Loparex’s recent restructuring, distressed-focused investors could also reportedly participate in the process.
