Barry O’Callaghan‘s Education Media Publishing Group is close to closing its refinancing deal. The deal will see Irish investors wiped out as previously reported in early January [see our reports here (1) & here (2)].
Sarah Weinman has the exclusive and writes in Daily Finance today:
it looks as if the restructuring plan, which would inject $650 million of fresh capital and wipe out at least $475 million in the stakes of existing private-equity holders, will be completed on or around March 9.
According to an internal memo obtained by DailyFinance, EMPG CEO Barry O’Callaghan confirms earlier reports, saying that the new cash infusion “will be combined with our current lenders’ conversion of approximately 60% of their secured debt to equity in our Company. Coupled with previous changes in the capital structure, we will reduce the amount we pay for annual interest by more than 75%, giving us greater liquidity for growth.”
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