Junior debt is now split into a €65m 9-1/2 year second lien loan paying 450bp, down from 500bp, over Euribor and a €100m 10-year mezzanine loan paying 3.5% cash and 5.75%, down from 6%, PIK. The €35m PIK loan paying 12% is unchanged. In syndication, lenders were invited to join on tickets of €45m earning 90bp, €25m for 70bp or €15m for 55bp. Leverage ratios start at 5.1x to senior debt and 7.5x total debt. Permira and the Ballve family are buying Telepizza for €2.15 a share and between €21.97 and €22.18 per convertible bond, translating into a total consideration of about €572m. The total equity contribution is believed to be €235.4m.