Boscolo debt may be acquired by Varde; company may attract new majority shareholder via EUR 80m capital increase
Creditor banks of Italian hotel chain Boscolo could sell their debt to the Varde fund, Italian language daily Il Corriere della Sera reported.
The unsourced article said that creditor banks could sell EUR 240m debt for EUR 210m. The total bank debt is EUR 350m, it added. The Varde offer is of particular interest to Unicredit, BPM and BMPS, which hold over half of the bank debt, the item noted.
The report also said Boscolo advisor Mediobanca is working on finding a majority partner for the hotel chain. The new partner would take the stake via a EUR 80m capital increase, it added.
Previous reports have pointed to Starwood as the most likely buyer.
Boscolo closed 2015 with turnover of EUR 185m and EBITDA of EUR 35m. The EBITDA was above the planned target of EUR 32m, the report noted.
The original article appeared in print; Page 40
Source Il Corriere della Sera