Electra Private Equity
Electra Private Equity PLC | Private Equity Profile
The following piece is part of our effort to provide profiles of as many private equity firms as possible through the Private Equity Tracker Tool. Electra Private Equity is one of Europe's oldest listed private equity firms. Michael Stoddart founded the group in 1976 as Electra Investment Trust.Story #1: Electra Private Equity Refinances Debt to Boost Balance Sheet
One of Europe's oldest listed private equity firms has refinanced its debt, strengthening its balance sheet ahead of a looming debt deadline next year. The move is the latest example of a quoted buyout fund strengthening its capital position. U.K.-based Electra Private Equity (ELTA.LN) Monday said it would refinance its GBP250 million (EUR290 million) credit facility which was due to expire in September 2010. Electra has replaced the facility with GBP187 million of debt which expires in January 2013 on undisclosed terms.
It will also issue GBP60 million of preference shares which do not pay a dividend, in a process run by JP Morgan Cazenove. Electra is the latest listed private equity firm to strengthen its balance sheet following rights issues by 3i Group PLC (III.LN) and Intermediate Capital Group (ICP.LN). Source
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