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Varde Plans Debt Swap to Keep Control in Crest, Telegraph Says

May 1 (Bloomberg) -- Varde Partners LLP, a U.S. hedge fund, plans to convert 359 million pounds ($600 million) of debt into equity as part of its plan to secure ownership in Crest Nicholson Plc, according to the Sunday Telegraph.

New accounts at Companies House say the swap will allow Crest, the U.K. housebuilder, to extend bank facilities till 2015, according to the report.

To contact the reporter on this story: Zijing Wu in London at zwu17@bloomberg.net

To contact the editor responsible for this story:

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