Banks Prep $1.57B in Debt for Iceland Foods Deal

(Reuters) - Bankers are working on a debt package of up to 1 billion pounds ($1.57 billion) to back the potential buyout of U.K. frozen food supermarket Iceland Foods, Reuters wrote Tuesday. Failed Icelandic banks Landsbanki and Glitnir are selling a combined 77% stake in Iceland Foods. Private equity firms Bain Capital and BC Partners are expected to put in a bid, while Blackstone has renewed interest in the company having stepped back from the process at an earlier stage, Reuters wrote.

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