A roughly €17 million piece of Comdata SpA's loans traded this week in the secondary market in a mid-50s context, according to traders, as the Italian call center firm readies a debt restructuring agreement.

The group is in the process of fine tuning a restructuring plan that will see owner The Carlyle Group exit the business, according to sources.

The plan, which was originally tabled in December, envisages a conversion of roughly 40% of Comdata's debt into so-called Participating Financial Instruments. Carlyle will either exit the business immediately by giving keys to lenders or put the company and/or its assets up for sale.

Comdata declined to comment, while Carlyle did not respond to a request for comment.

Lenders agreed to a standstill process on the group's loans at the end of last year after it missed its earnings target.

The firm's €355 million term loan and €80 million revolver were put in place in 2017 to refinance the 2015 LBO debt put in place to back Carlyle's buyout and to potentially pay a dividend.