NAB offloads debt in CVC-backed Nine Entertainment
National Australia Bank (NAB) has sold off its entire holding of debt in CVC-backed Nine Entertainment. The bank offloaded A$86 million ($90 million), with media reports quoting a price of A$0.85-087 on the dollar.
The interest was sold to an investment bank said to be acting on behalf of a distressed asset investor. Nine Entertainment's A$2.7 billion in senior debt, due for repayment next February, is now predominantly owned by hedge funds.
NAB was one of the original lenders which together hold about A$700 million of the debt. The only sizable chunks are in the hands of Rabobank and Germany's WestLB.
Oaktree Capital and Apollo Global Management hold A$1 billion between them and are pushing CVC for a debt-to-equity swap. The private equity firm has refused to entertain the proposals, which would effectively hand the hedge funds control of the company.
CVC bought Nine for A$5.3 billion in cash through several transactions between 2006 and 2008, but has seen the value of the assets drop significantly since then. It shelved plans for an IPO last year, while creditors have responded poorly to at least two attempts to restructure the debt pile.
Earlier this month, it was reported that CVC was seeking buyers for Ticketek, Nine's ticketing arm. It is also said to be looking to offload the company's magazine division. Last year, Nine's 49% stake in CarSales.com was sold to institutional investors for around A$565 million.
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