Incisive Media agrees debt for equity swap with Alchemy Partners

The new capital structure, agreed between Alchemy and other minority lenders, will involve a debt for equity swap which will help cut the business's debt pile and allow it to focus on growth. The move will leave Incisive Media with a "significantly strengthened balance sheet with much reduced net debt", it said. Previous private equity backer Apax paid £208m for Incisive in 2006, but later control of the business transferred to its lenders including Royal Bank of Scotland. As part of the refinancing, Incisive Media has also made a number of changes to its board of directors. Dame H...