Ideal Stelrad

On 7 August 2009, Ideal Stelrad announced the successful completion of its debt restructuring. Ideal Stelrad is a leading pan-European manufacturer and distributor of boilers and radiators. It comprises five divisions, two boiler divisions (Ideal, mainly domestic boilers, and Keston, mainly commercial boilers) and three radiator divisions (UK Radiators, Continental Radiators and Termo Teknik).

Following a refinancing in April 2007, EBITDA has fallen significantly due to, inter alia, the deteriorating wider economic environment which meant that a restructuring of the company's indebtedness was required. In this context, Canaccord Genuity was appointed as advisor to the mezzanine lender steering committee in connection with their restructuring negotiations with the company.

Following a series of negotiations with the senior lenders the mezzanine lenders were able to secure a percentage of all the restructured debt tranches. The mezzanine lenders also received a percentage of the equity to enable them to share in any upside.

Canaccord Genuity was appointed as advisor to the mezzanine lender steering committee in connection with their restructuring negotiations with the company.