Dealers vote for auction on roofing company loan CDS

Dealers have finally voted to hold an auction on Lafarge Roofing / Monier European loan credit default swaps, following the debt restructuring in October last year that saw a group of investors take control of the company.

It is not yet clear why this trigger has taken so long to come to a vote. The name is present in CLOs, according to CLO Master, but sources say the private nature of most of the loans and who holds them means that information is hard to come by.

The October deal was reportedly one of the largest ‘loan to own’ restructurings in Europe, and was led by Apollo Management, TowerBrook and York Capital.