Belfast-based private equity firm I-Squared is in line for an $80m dividend once Northern Irish energy company Viridian restructures its debt. The New York-based group plans to redeem €540m ($645m) of existing bonds and issue the equivalent of €600m of cheaper notes in euro and sterling, with the existing debt carrying an interest rate of 7.5%. In September, the company became able to exercise an option for early redemption of the debt, which was not due to mature until 2020. I-Squared set up Viridian's parent company, Viridian Topco, earlier this year, which will receive the dividend payment.
New York-based private equity firm I-Squared is in line for an $80m dividend once Northern Irish energy company Viridian restructures its debt. The Belfast-based group plans to redeem €540m ($645m) of existing bonds and issue the equivalent of €600m of cheaper notes in euro and sterling, with the existing debt carrying an interest rate of 7.5%. In September, the company became able to exercise an option for early redemption of the debt, which was not due to mature until 2020. I-Squared set up Viridian's parent company, Viridian Topco, earlier this year, which will receive the dividend payment.