Private Credit Lenders Are Taking Over Telecoms Supplier Netceed

Lenders including Pemberton Asset Management, Blue Owl Capital Inc. and Hayfin Capital Management are taking over struggling telecoms supplier Netceed through a debt-for-equity swap.

All of the creditors agreed to write off some of their debt in exchange for ownership stakes in the company, people with knowledge of the matter said, speaking on the condition of anonymity. Netceed, which is controlled by private equity firm Cinven, will also gain access to €70 million ($81.2 million) of liquidity as part of the agreement, providing it with a cash buffer, the people said.