Lion Capital has succeeded in its quest to reduce the cost of a €675m loan, which it took out for an acquisition less than nine months ago, demonstrating how quickly buyout firms have been able to secure better lending terms on deals.

The buyout firm secured approvals from nearly all the lenders behind the buyout of Picard Surgelés to improve its debt terms, despite the fact that Lion only bought the French frozen food retailer last July. It bought the company for €1.5bn from BC Partners.