Ascendia Brands reaches agreement on senior debt restructuring |
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Mon, 31 Dec 2007 14:39
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NEW YORK (Thomson Financial) - Ascendia Brands Inc. Monday reached an agreement with its senior lenders to restructure $160 million of its first and second lien debt facilities.The company's senior lenders will waive certain existing covenant defaults and adjust financial covenant levels, effective immediately and lasting through the fiscal year ending Feb. 29, 2009.Under the agreement, one or more affiliates of Prentice Capital Management LP will invest in convertible preferred equity securities of Ascendia. The investment of $26.5 million includes the conversion of a $2 million unsecured loan made by Prentice on Nov. 19, 2007.The transaction is expected to close on or around Jan. 14, 2008.Shares of Ascendia, the Hamilton, N.J.-based branded health and beauty care products closed Friday at 21 cents.Melinda Peermp/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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