Konecta Hires Houlihan Lokey to Restructure Over €1 Billion in Debt

✦ Meridian Analysis

Konecta, the Spanish customer‑service outsourcing group controlled 75 % by British private‑equity fund ICG, has signed a mandate with Houlihan Lokey to negotiate a restructuring of more than €1 billion of debt. The adviser will work with roughly 40 creditors, including JPMorgan, on a package that could involve capitalising part of the liabilities, extending the €945 million term loan due in 2029 and the €200 million revolving credit facility, and reducing the Euribor + 575‑basis‑point spread. A&OShearman is handling the legal aspects. The company has already secured €150 million of equity and debt from its shareholders and JPMorgan earlier in the year, but the restructuring is intended to provide a sustainable capital structure as Konecta shifts from a labour‑intensive model to a hybrid offering that blends human agents with artificial‑intelligence tools. Konecta’s debt trades at a discount of over 50 % and its rating was cut to B‑ with a negative outlook by S&P Global on 8 October. The business reports a €2 billion revenue base and a €283 million EBITDA for 2025. Deal professionals will be looking for the final terms of the restructuring, including any debt‑to‑equity swap ratio, the size of any new financing tranche, and whether ICG will inject additional equity. The timeline for creditor approval, the exact composition of the financing package and any further advisers engaged have not been disclosed.

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